Indian HY disappoints as Rolta tries to crack the freeze
Indian high yield debt issuance came to an abrupt halt this week after investors shunned REI Agro’s deal, with some citing corporate governance concerns. But bankers say past failures should not prevent borrowers with stronger fundamentals and tighter covenants from issuing successfully, writes Frances Yoon.
When single-B rated basmati rice producer REI Agro announced plans to debut in the dollar bond market, debt bankers were abuzz with excitement. The gold rush into Indian high yield bonds was finally about to begin.
Yet sentiment weakened during REIs investor meetings last week, when portfolio managers read
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