off-the-wire

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

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 24 (Reuters) - India's Power Finance Corp (PFC) has set coupons of 7.66% and 7.70% on two bond issues with a maturity of 10 years and 19 days each, three merchant bankers said on Friday. The state-run company had invited coupon and commitment bids for both the issues earlier in the day.


PFC has accepted bids worth 12 billion rupees ($145.9 million) for one issue with a coupon of 7.66%, which has a put option at the end of three years and 19 days.


The company has accepted bids worth 5.84 billion rupees on the other bond issue at a coupon of 7.70%.


The bonds are rated AAA by Crisil, CARE Ratings and ICRA and the issues will be settled next week. Earlier this month, PFC raised an aggregate 57.63 billion rupees selling bonds maturing in three years and four months, and separately transferable redeemable principal part (STRPP) bonds maturing in seven to 10 years, at an annual coupon of 7.77% and 7.82%, respectively. ($1 = 82.2500 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Dhanya Ann Thoppil)

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