Let’s Bharti! Telco has a blast with dual tranche

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By Isabella Zhong
15 May 2014

Encouraging Indian election exit poll results, a recent rating upgrade and rarity value all helped Bharti Airtel price a jumbo dual currency issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made last year, writes Isabella Zhong.

Indian credit spreads tightened between 5bp to 15bp after exit polls indicated on Monday that the opposition Bharatiya Janata Party (BJP), led by Narendra Modi, might have won an unexpected outright majority in the Indian elections (see separate story).

However, signs of this positive sentiment had already been brewing. ...

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