In an extraordinary week for the Indian convertible bond market, Tata Motors issued the country's biggest and most aggressively priced CB ever. Zee Telefilms followed suit with another tightly priced ...issue, and truck maker Ashok Leyland was in the market Thursday night with a CB through Citigroup and UBS. Sun Pharmaceutical Industries and several other issuers are also lining up for large deals. Tata's conversion price of Rp780 gives a premium of 60% - easily beating the Indian record. The terms of the deal show how far the Indian CB market has come in a short time. The deal was heavily oversubscribed. The bonds traded down after launch.
