Glenmark CB: coming up roses

Glenmark Pharmaceuticals completed a $70 million convertible on Monday. The deal was small in size, but highly innovative through its adoption of forward re-sets in a structure dubbed ROSES (Resettable Onward Starting Equity-linked Notes) by its lead manager JPMorgan. It was also extremely lucrative for the bank, netting the lead 3% in fees and a mandate that had once been held by Merrill Lynch.