This is the first convertible of size from an Indian issuer since the ill-fated $175 million offer by Orchid Chemicals Pharmaceuticals mid-February and as such was likely to attract a fair amout of interest within the CB community. However, before the market opened yesterday, Deutsche Bank completed a $110 million private placement for small-cap Indian hotel operator Hotel Leelaventure, which achieved a 50% premium and a 7.8% yield.
Sterling's offer was the third from the repeat issuer, which means most CB-focused investors are either familiar with the...
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