Tata Steel bags $1.5bn from Indian HY feast

By Isabella Zhong
31 Jul 2014

Tata Steel closed its first international bond on Thursday, July 24, as it looks to refinance loans from its 2008 acquisition of Corus. Despite pricing on a day when the Indian high yield sector saw $2.4bn of new issues, the trade nonetheless pulled in bids worth $9.1bn.

Joining BB/BB+ rated Tata Steel in the dollar market were renewable energy company Greenko, which issued a B/B rated $550m five year non-call three, and technology services provider GCX, which printed a B2/BB+ rated $350m five year non-call two (see below).

“For the market to ...

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