Tata Motors brings yen-denominated CB with negative yield

Indian truck and bus maker raises $100 million in third offer since 2003.
Tata Motors became the second Indian issuer to sell yen-denominated convertible bonds this year when the manufacturer of cars, trucks and buses completed a Ñ11.76 billion about $100 million offer in the early hours of Thursday morning.

The Citigroup-led deal was also unusual in that it has a negative yield, a structure not seen in Asian markets for over a year. Tata Motors itself was the first ever Indian issuer to offer a negative yield on one of the two tranches of a US-dollar denominated CB sold in 2004.

The company has issued three CBs since 2003 with Citigroup being involved in all of them. This is the first time the bank has acted...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222