Indian corps in demand with JSW debut

metal and steel 230x150
By Rev Hui
06 Nov 2014

Investors looking to diversify into India received their second opportunity in as many weeks when JSW Steel tapped the market with its maiden offshore bond on November 5. While the transaction did not get as much attention as Tata Motors did last month, it still resonated well with investors and ended up with a more than three times covered book.

India’s high yield market has been on a high in recent weeks, following Tata Motor’s (Ba2/BB-) $750m dual tranche offering at the end of October.

That trade was a blowout with investors, attracting more than $4.5bn of bids. Its success was attributed to the reduction in ...

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