Tata Steel’s sale of $1.5 billion in
unsecured bonds has underscored high-quality Indian
issuers’ covenant expectations.
The bonds were sold in two tranches: $500 million in
4.85% 5.5-year bonds and $1 billion in 5.95% 10-year bonds.
They were rated BB+ by Fitch and BB by Standard &
Poor’s, and will be listed on the Frankfurt Stock
Although this was only Tata Steel’s first US
dollar-denominated high-yield issuance, it went to market with
a covenant package less onerous...