India New Issue-REC to issue multiple tenor bonds - bankers

Sundaram Finance

07/06/2023 10:00

MUMBAI, June 7 (Reuters) - India's REC  RECM.NS  plans to raise funds through sale of
bonds maturing in two years, 10 months and 17 days and five years and 17 days, three merchant
bankers said on Wednesday.
    The company has invited bids from bankers and investors on June 9. In May, REC had raised 
20 billion rupees each via reissue of 7.89% March 2030 bonds at 7.40% yield and 6.92% March 2032
notes at 7.38% yield.
Below is the list of deals reported so far on June 7:
                                                                           
 Issuer            Tenure                     Issue size (in  Bidding      Rating
                                     Coupon   bln rupees)*    date         
                                     (in %)                                
                                                                           
                                                                           
 REC               2-yr and 11 mnts  To be    5 + 25          June 9       AAA (ICRA,
                                     decided                               India Ratings)
 REC               5-yr and 17 days  To be    5 + 25          June 9       AAA (ICRA,
                                     decided                               India Ratings)
                   2-yr              7.74     5               June 8       AAA (ICRA)
 Sundaram Finance                                                          
                                                                           
 Vivriti Capital   1-yr and 11 mnts  8.90     0.75            June 8       A (ICRA)
                    2-yr and 2 mnts     7.70            3.75  June 6       AAA (Crisil)
 Bajaj Finance                       (yield)                               
 Aug 2025 reissue                                                          
                                                                           
                   9-yr and 11 mnts  7.68     5.75            June 6       AAA (Crisil)
 Bajaj Finance                       (yield)                               
 May 2033 reissue                                                          
                                                                           
                               5-yr  7.73                  5  June 6       AAA (Crisil)
 Bajaj Finance                                                             
                                                                           
 
*Size includes base plus greenshoe for some issuances

($1 = 82.5180 Indian rupees)

 (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Dhanya Ann Thoppil)
 ((Dharamraj.dhutia@tr.com))