Tata Motors goes the distance with surprise 10 year

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By Virginia Furness
30 Oct 2014

Tata Motors (TML) delivered a top quality drive-by bond on October 23. Not only did the 5.5 year offering prove so popular that 317 investors were biting the issuer's hand off to get an allocation, but TML was also able to meet a price target that bankers said was demanding, as well as extend its maturity profile by issuing an additional last minute 10 year bond.

TML is the first Indian corporate to come to the market since Tata Steel in July. It is also one of very few Indian bonds to be issued directly from an Indian incorporated entity — most have been via offshore subsidiaries or special purpose vehicles.

“It’s a rare ...

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