India
Foreign investors still appear to have an appetite for Indian foreign currency convertible bonds. Several Indian FCCBs issued early this year are trading at a discount in the secondary market. A $100 million convertible bond offering by Indian pharmaceutical company Wockhardt received a healthy response from European and offshore US hedge fund investors in mid-September. Around the same time, another Indian company, Sterling Biotech, sold $70 million of convertibles and four others – Sun Pharmaceuticals, Larsen & Toubro, United Phosporous and Orchid Chemicals – could come to market later this year.
Thanks for your interest in Euromoney!
To unlock this article:
