23.10.2015 - GIC investment spurs 28% gain in India's best junk bond
A bit of AAA-rated endorsement can go a long way for a little-known junk bond issuer. Dollar notes in India's Greenko Group Plc have gained 28 per cent in 2015 after Singapore sovereign wealth fund GIC agreed to take full control of one of the renewable energy firm's businesses. It's the best performing high-yield bond in India in a Bank of America Merrill Lynch index of dollar notes that's lost 1.3 per cent this year. Greenko isn't the first Asian company to benefit from Singapore's intervention. Holders of Olam International's unrated notes also profited after state investment arm Temasek Holdings Pte made a takeover offer for the commodity trader once attacked by Muddy Waters LLC...............................................Full Article: Source
Print