Barclays left holding much of Vedanta CB
Indian mining company Vedanta Resources issued the first major convertible bond of the year this week, but investors shunned the $725m deal, leaving Barclays Capital long of the paper.
Rival bankers said Barclays had been left with a large and unhedgeable position in the bonds, which were fully underwritten.BarCap launched the deal early on Monday morning to capture Asian interest and marketed it with a coupon range of 4.1%-4.6%, and at a conversion premium of 48%-55% above ...
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