Festive debut: TML books at $4.5bn for Diwali bond

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By Virginia Furness
23 Oct 2014

Tata Motors (TML) is looking to defy the poor performance of Indian high yield credit and is in the market with a 5.5 year dollar bond. Despite Thursday being a national holiday in India for Diwali, bankers said that the borrower was keen to take advantage of a constructive window amid recent volatility, and books are building well.

Asian high yield credits have experienced a big sell-off since mid September (see separate story) and India has been no exception. While credits like Greenko Dutch and Global Cloud Xchange are improving, with Greenko last seen at 97.25, both had sold off to lows of mid ...

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