Tata and Hon Hai price CBs

Another busy day for the equity-linked market as two deals are priced.
July 24, 2003

Hon Hai Precision and Tata Engineering & Locomotive accessed the convertible market yesterday (Wednesday) raising a combined total of $500 million. Of the two deals, Tata offered the most rarity value as it is the first proper Indian CB since a $99 million issue for Gujarat Ambuja Cements in January 2001 and the first transaction without credit enhancement since 1997.

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