Tide turns for Indian CB's

Another busy day for the Indian CB market with three transactions.

Three Indian CB's in one week has been followed by three in one day and an abrupt change in sentiment towards the Indian convertible sector. Transactions launched yesterday Thursday for Tata Teleservices TTSL, Mahindra Mahindra and Jubilant Organosys came up against an investor base where the four key accounts are said to have turned net sellers and the rest have become price sensitive.

With investors aware of a growing deal pipeline, specialists say momentum is fading, valuations are being forced wider and secondary market spreads are coming under pressure. A $100m deal for TTSL particularly tested the market since it not only marks the third convertible from the Tata group this...

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