India’s UPL harvests $500m from debut bond

Agriculture_230
By Addison Gong
06 Oct 2016

India’s UPL Corp executed its first dollar-denominated bond on Wednesday, benefiting from a quiet primary market, the strength of its credit and an extensive marketing effort beforehand.

China’s Golden Week holidays resulted in a quiet week for issuance, which gave UPL the opportunity to do the deal in a less crowded market, said one syndicate banker who worked on the trade. “The fact that China is away didn’t bother us, because the buyer base in ...

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