Rolta sells first Indian high-yield bond for 2013

Indian mid-cap company Rolta closes its debut bond after offering a generous yield.
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Rolta provides geographical information systems and other analytical tools
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<div style="text-align: left;"> Rolta provides geographical information systems and other analytical tools </div>

Indian IT solutions company Rolta late last week closed a $200 million high-yield bond, which is India’s first high-yield issuance this year and the first from a mid-cap Indian company in a while.

The lack of high-yield issuance from India stands in stark contrast to China. This year, Chinese property companies have dominated high-yield, propelling volumes to record highs. The same can hardly be said of India, where only a handful of companies, such as Aegis and more recently basmati rice producer REI Agro, have attempted to sell bonds without success.

While larger Indian companies such as Vedanta have sold high-yield dollar bonds, there has been scarce...

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