Billionaire Scion at Tata Helm Backed by Market: India Credit
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The bond market is showing confidence in Cyrus P. Mistry’s ability to maintain growth and rein in debt at India’s biggest business group when he takes over as the Tata Group’s chairman next week.
Contracts insuring Tata Motors Ltd.’s debt against non-payment slid 28 basis points since Nov. 30 to a nine-month low of 373, according to data provider CMA. Tata Steel Ltd.’s 2014 convertible bonds rose 1.9 percent, lowering the yield 101 basis points to 3.49 percent, Elara Capital Plc prices show. Ratan Tata, who led takeovers of Jaguar Land Rover, Corus Plc and Tetley Group Plc, will retire on Dec. 28.