Tata Steel takes $1.5bn in stellar day for Indian HY

Tata Steel raised $1.5bn with its inaugural transaction on Thursday, as it looks to refinance loans incurred as a result of its $13.1bn acquisition of Corus in 2008. Despite pricing on a day when almost $2.5bn of new issues was injected into the Indian high yield arena, the trade nonetheless pulled in bids worth $9.1bn.