Sun Pharma: sixth time lucky

JPMorgan brings bought deal for Indian drugs company.

A $225 million convertible for Sun Pharma was completed after London's close on Wednesday. The deal represents the largest ever sole books offering from India and underlines JPMorgan's continuing aggression towards its equity-linked franchise.

The company initially mandated Merrill Lynch and Morgan Stanley to do a deal in April, before moving on to ABN AMRO, Deutsche Bank and UBS in late September. However, none of the five were able to complete a deal on terms, which reflected the white hot CB market of early Spring rather than the sobering reality of early summer.

JPMorgan appears to have broken through because it remained close to...

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