Market participants in India are unsure whether
Circular 41 by the Reserve Bank of India (RBI) applied directly
to Greenko’s high-yield bonds, issued last July.
But they agree that the structure will likely be a one-off.
RBI issued Circular 41 on November 25, only
months after renewable energy company Greenko’s bonds were priced. The
bonds were structured to bring investors closer to the onshore
subsidiaries, but the RBI appeared to condemn the
It spooked the nascent India high-yield market. Issuers
planning similar deals– most notably by Mytrah...