Jaiprakash CB has a tough secondary ride

29 Aug 2012

Indian conglomerate Jaiprakash Associates priced a $150m convertible bond on Tuesday night, but the deal got mixed reviews from rival bankers after it traded down in the aftermarket.

It was only the second convertible bond from an Indian issuer this year, after AmTek India closed $130m deal in March. This is despite a mass of convertible bond redemptions throughout the year: many issuers are unable to offer the margins investors are requesting, thanks to strict external ...

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