India New Issue- IRFC accepts bids for 3-year bonds - bankers

Indian Railway Finance

22/11/2023 06:51

MUMBAI, Nov 22 (Reuters) - Indian Railway Finance Corp  INID.NS  has accepted bids worth
24.04 billion rupees ($288.79 million) for bonds maturing in three years, three bankers said on
Wednesday.
    The state-run company has set a coupon of 7.68% on this bond issue, for which it had invited
bids from investors and bankers earlier in the day.
    IRFC's last bond issue was in June when it raised an aggregate of 39.40 billion rupees
through bonds maturing in two tenors, of over three years and over five years, at a coupon of
7.41% and 7.45%, respectively.    
 
 Here is the list of deals reported so far on Nov. 22: 
                                                                       
 Issuer             Tenure       Coupon   Issue size (in  Bidding      Rating
                               (in %)     bln rupees)*    date         
                                                                       
 IRFC              3 yr        7.68       24.04           Nov. 22      AAA (Crisil,
                                                                       ICRA)
 Shriram Finance   5 yr        8.90       3.25            Nov. 21      AA+ (Crisil)
 Shriram Finance        10 yr       8.80               1  Nov. 21      AA+ (Crisil)
 Nirmal Bang       1 yr and 6  10.75      0.50            Nov. 21      A- (Crisil)
 Securities        months                                              
 Private                                                               
 Satin Creditcare  1 yr and 6  10.90           0.25+0.25  Nov. 23      A- (Icra)
 Network               months                                          
 
*Size includes base plus greenshoe for some issues



($1 = 83.2440 Indian rupees)

 (Reporting by Bhakti Tambe)
 ((Bhakti.Tambe@thomsonreuters.com))