India New Issue-Bajaj Housing Finance issues T-Bill linked bonds, bankers say

Bajaj Housing Finance

18/10/2024 10:58

MUMBAI, Oct 18 (Reuters) - India's Bajaj Housing Finance  BAJO.NS  raised 15 billion
rupees ($178.5 million) through the issue of a corporate bond with a rarely-used structure, two
merchant bankers said on Friday.
    The company sold five-year bonds on Thursday, and the coupon is linked to 91-day Treasury
Bill yield, as it would pay a spread of 155 basis points over the yield.
    The company did not immediately reply to a Reuters email seeking comment.
    The 91-day T-bill yield has hovered below the key policy rate since the start of this month,
and is expected to ease further in coming weeks.
    
 
   Here is the list of deals reported so far on Oct. 18: 
                                                                           
 Issuer          Tenure        Coupon (in %)      Issue size (in           Rating
                                                  bln rupees)*    Bidding  
                                                                  date     
                                                                           
                                                                           
 Bajaj Housing   5 years       155 bps above      15              Oct. 16  AAA (Crisil)
 Finance                       91-day T-Bill yld                           
                 2 years and   7.92               6               Oct. 21  AAA (Icra)
 Nexus Select    7 months                                                  
 Trust                                                                     
                                                                           
 Nexus Select    3 years and   7.94               4               Oct. 21  AAA (Icra)
 Trust           7 months                                                  
                 4 years and   To be decided      1.50+5.50       Oct. 18  AAA (Crisil)
 Aditya Birla    10 months                                                 
 Finance                                                                   
                                                                           
 
*Size includes base plus greenshoe for some issues

($1 = 84.0430 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Varun H K)
 ((Dharamraj.dhutia@tr.com))