repeat-indian-issuer-brings-250-million-cb

Repeat Indian issuer brings $250 million CB

Sterling Biotech prices wide after demand is described as healthy but price sensitive.
Sterling Biotech, an Indian manufacturer of gelatine for use in pharmaceuticals, returned to the capital markets yesterday to raise $250 million from the sale of convertible bonds.

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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