India New Issue-HDFC Life Insurance accepts bids for bond issue, bankers say

HDFC Life Insurance

13/02/2025 07:14

MUMBAI, Feb 13 (Reuters) - India's HDFC Life Insurance  HDFL.NS  has accepted bids worth
10 billion rupees ($115.13 million) for subordinated bonds maturing in 10 years, three bankers
said on Thursday.
    The insurer will pay an annual coupon of 8.10% on this issue and had invited bids from
bankers and investors earlier in the day, they said.
    The issue has a call option at en of five years.
    The company did not reply to a Reuters email seeking comment.


    
 
  Here is the list of deals reported so far on February 13: 
                                                                          
 Issuer         Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                             bln rupees)*    date         
                                                                          
 HDFC Life      10 years      8.10           10              Feb. 13      AAA (Icra)
 Insurance                                                                
                10 years      To be decided  5               To be        AA+ (Care)
 Axis Max Life                                               decided      
 Insurance                                                                
                                                                          
                    10 years  To be decided            5+25  Feb. 17      AA+ (Icra,
 Bank of                                                                  Care)
 Maharashtra                                                              
                                                                          
    
 *Size includes base plus greenshoe for some issues
 
 ($1 = 86.8580 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
 ((Dharamraj.dhutia@tr.com))