off-the-wire

India New Issue-HUDCO to issue over 3-year bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, April 13 (Reuters) - India's Housing and Urban Development Corp (HUDCO) plans to raise at least 5 billion rupees ($61.1 million) selling bonds maturing in three years and four months, four merchant bankers said on Thursday. The state-run company has invited coupon and commitment bids for the issue on Tuesday, they said. Earlier this week, Reuters had reported that HUDCO was planning to issue shorter duration bonds.


The issue has a greenshoe option to retain an additional 10 billion rupees and will mature in August 2026.


The bonds are rated AAA by Care, ICRA and India Ratings and will be settled next week.


This will be HUDCO's first bond issue in the current financial year. The company last tapped the market in February and raised 20 billion rupees through bonds maturing in three years and three months at a coupon of 7.68%. ($1 = 81.8120 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe Editing by Sonia Cheema)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.