High hopes for Indian bonds as Essar sells zeros

07 Oct 2009

Essar Group, the Indian conglomerate, is planning to raise as much as Rp45bn ($965m) in a deal that bankers hope will show the health of India’s corporate bond market.

Barclays Capital, Deutsche Bank, JPMorgan and Standard Chartered have opened the books on the two-tranche zero-coupon bond, which has a base size of Rp22.5bn. It consists of two Rp11.25bn tranches, maturing in July and December 2011. Both come with a greenshoe option to double the size of the ...

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