India New Issue-IRFC to issue 10-year bonds - bankers

Indian Railway Finance

12/02/2024 10:02

MUMBAI, Feb 12 (Reuters) - Indian Railway Finance Corp  INID.NS  (IRFC) plans to raise
up to 30 billion rupees ($361.41 million), including a greenshoe option of 25 billion rupees,
through bonds maturing in 10 years, three bankers said on Monday.
    The state-run company has invited bids from bankers and investors on Wednesday, they said.
    In January, IRFC raised 25 billion rupees via bonds maturing in five years and three months
at a coupon of 7.57%. 
    
 
  Here is the list of deals reported so far on Feb. 12: 
             Issuer                                                                     Rating
                      Tenure        Coupon (in %)  Issue size (in           
                                                   bln rupees)*    Bidding  
                                                                   date     
                                                                            
                                                                            
 IRFC                 10 years      To be decided  5+25            Feb. 14  AAA (Crisil, Icra)
             Canara   Perpetual     8.40           20              Feb. 12  AA+ (Crisil, Icra)
 Bank                                                                       
                                                                            
             Aditya        5 years  8.16           1.50+6          Feb. 13  AAA(Icra, India
 Birla Finance                                                              Ratings)
                                                                            
             NABARD   3 years and   To be decided  20+30           Feb. 13  AAA (Icra, India
 March 2027 reissue   1 month                                               Ratings)
                                                                            
             Kotak         7 years  To be decided             5+5  Feb. 13  AAA (Crisil, ICRA,
 Mahindra Bank                                                              India Ratings)
                                                                            
             NIIF     14 years and  To be decided             1+3  Feb. 13  AAA (ICRA,
 Infra Finance Jan       11 months                                          Careedge)
 2039 reissue                                                               
                                                                            
 
* Size includes base plus greenshoe for some issues


($1 = 83.0093 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Sohini Goswami)
 ((Bhakti.Tambe@thomsonreuters.com))