Singapore Backing Makes Little-Known Indian Junk Bond Issuer a Star
- Greenko dollar bonds have rallied amid GIC takeover plan
- Still room for spreads to narrow further, BI Asset says
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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 percent in 2015 after Singapore investment fund GIC Pte 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 1.5 percent this year.