India New Issue-PFC sets 7.49% coupon on 10-year bonds - bankers

Power Finance

20/02/2024 07:10

MUMBAI, Feb 20 (Reuters) - India's Power Finance Corp (PFC)  PWFC.NS  has set a coupon
of 7.49% on bonds maturing in 10 years and 7.60% in bonds maturing in five years and two months,
three bankers said on Tuesday. 
    The state-run company has accepted bids worth 30 billion rupees ($361.62 million) each on
both the bond issuances, and had invited bids for the same earlier in the day. 
    Last week, the company had raised 1 billion rupees through the sale of perpetual bonds with
a call option at end of 10 years at a 7.88% coupon.
    
 
 Here is the list of deals reported so far on Feb. 20: 
                                                                                 
 Issuer            Tenure            Coupon (in %)  Issue size (in  Bidding      Rating
                                                    bln rupees)*    date         
                                                                                 
 PFC               10 years          7.49           30              Feb. 20      AAA (Crisil,
                                                                                 Icra)
 PFC               5 years and 2     7.60           30              Feb. 20      AAA (Crisil,
                   months                                                        Icra)
             NHB   3 years, 1 month  7.83           20              Feb. 20      AAA (Crisil)
                   and 13 days                                                   
             Tata  9 years and 5     To be decided  1+4             Feb. 21      AAA (Crisil,
 Capital Jul 2033  months                                                        ICRA)
 reissue                                                                         
                                                                                 
                   2 years and 10    8.23           4.50            Feb. 20      AA (Crisil,
 Kotak Mahindra    months                                                        India Ratings)
 Prime                                                                           
                                                                                 
 Kotak Mahindra    3 years and 2     8.2250         6.50            Feb. 20      AA (Crisil,
 Prime             months                                                        India Ratings)
                   10 years          To be decided  5+10            Feb. 21      AAA (India
 IREDA                                                                           Ratings, ICRA)
                                                                                 
                   1 year and 2      8.30           11              Feb. 21      AA (Crisil,
 Nirma             days                                                          India Ratings)
                                                                                 
 Nirma             2 year, 1 month   8.40           12              Feb. 21      AA (Crisil,
                   and 16 days                                                   India Ratings)
 Nirma             3 year, 1 month   8.50           12              Feb. 21      AA (Crisil,
                   and 16 days                                                   India Ratings)
    
 * Size includes base plus greenshoe for some issues

   ($1 = 82.9590 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia)
 ((Bhakti.Tambe@thomsonreuters.com))