Few deals expected from Indian CB redemptions
Indian issuers face heavy convertible bond redemptions this year, and will be forced to be pay back almost twice what they redeemed in the market in 2010. But bankers are sceptical these redemptions will generate much new business as issuers will be deterred by weak secondary markets.
Muted investor appetite and high interest rates in India will likely keep issuers from attempting to raise cash through the structure, analysts and equity-linked originators told EuroWeek Asia. They are more likely to look to loans to refinance their debt or pay back the deals with cash reserves.
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