Wockhardt re-opens Indian CB sector

Pharma company brings first convertible since elections.

Mid-cap pharmaceuticals company Wockhardt demonstrated the new pricing reality for Indian issuers on Friday September 17 with a $100 million deal via JPMorgan.

The transaction represents the first issue from the subcontinent since national elections in May. In the interim period, the CB market has been completely closed following the disastrous secondary market performance of the eight deals, which had been launched one on top of the other in the three months prior to the change in government.

All bar one are trading below par and most crashed straight down to their bond floors after election results prompted a stock market correction and their expensive valuations...

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