India New Issue-REC withdraws 2-year bond issue, accepts bids for 10-year notes, bankers say
India New Issue-REC withdraws 2-year bond issue, accepts bids for 10-year notes, bankers say MUMBAI, Aug 27 (Reuters) - India's REC RECM.NS accepted bids worth 25.02 billion rupees ($262.00 million) in a sale of bonds maturing in 10 years and two months, while it withdrew the issue of a two-year note due to higher-than-expected cut-off yields, three bankers said on Thursday.
The company will pay a coupon of 7.57% on the 10-year note and had invited commitment bids for the issues earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 27:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
REC | 10 years and 2 months | 7.57 | 25.02 | August 27 | AAA (Care, Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.4975 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
((Dharamraj.dhutia@tr.com, Khushi.malhotra@tr.com))
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