India New Issue-IRFC to issue 3-year bonds - bankers

Indian Railway Finance

20/11/2023 11:23

MUMBAI, Nov 20 (Reuters) - Indian Railway Finance Corp  INID.NS  (IRFC) plans to raise
at least 5 billion rupees (about $60 million) through bonds maturing in three years, three
merchant bankers said on Monday.
    The company has invited coupon and commitment bids on Wednesday.
    IRFC's last bond issue 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. 20: 
                                                                              
 Issuer             Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                                 bln rupees)*    date         
                                                                              
 IRFC               3 yr          To be decided  5+25            Nov. 22      AAA (Crisil,
                                                                              ICRA)
             Bajaj  9 yr and 10   7.88 yield     5               Nov. 20      AAA (Crisil)
 Finance Sep 2030   months                                                    
 reissue                                                                      
                                                                              
                    5 yr          8.90           2.5+5           Nov. 21      AA+ (Crisil)
 Shriram Finance                                                              
                                                                              
 Shriram Finance    10 yr         8.80           1+2             Nov. 21      AA+ (Crisil)
                    1 yr and 3    To be decided  6+3             Nov. 21      AA (Icra)
 Piramal Capital    months                                                    
 and Housing                                                                  
 Finance                                                                      
                                                                              
 DMI Finance        1 yr and 9    9.75           2+2             Nov. 21      AA (Icra)
 Private            months                                                    
    
 *Size includes base plus greenshoe for some issues
 
 ($1 = 83.2440 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Savio D'Souza)
 ((Bhakti.Tambe@thomsonreuters.com))