PFC Raises $ 1 Billion Through Bonds PSU NEWS

PFC Raises 1 Billion USD Through Bonds

 

New Delhi: Power Finance Corporation (PFC), a Government owned NBFC has successfully tapped international market and raised $ 1 billion through Reg- S bonds in one go. This was the PFC's first issuance in the international market after successful acquisition of Government of India holding in REC.
 
The issuance attracted a strong and diversified order book indicating investor's confidence towards PFC's differentiated credit despite volatile market conditions and concerns over Indian Non-Bank Financial Institution (NBFI) sector.
 
The USD 1 billion Reg- S transaction was executed through two tranches. The 5 year tranche for USD 400 million @3.87% at a reoffer spread of 195 bps over 5 year UST and 10 year tranche for $ 600 million @4.577% at a reoffer spread of 242.5 bps over 10 year UST.
 
Commenting on the occasion, Chairman and Managing Director of PFC Mr. Rajeev Sharma stated that the transaction establishes PFC status as leading NBFI in India having priced its first dual and largest USD bonds transaction for Government owned Indian NBFC. This is also PFC's first USD issuance in the 5 year tenor. The successful completion of the deal underscores investor's continued confidence in PFC post acquisition of REC.


Posted Date :  11-06-19

Categories : PSU NEWS

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