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  • 12

    Jun
    2019

    Power Finance Corporation raises USD 1 bn from international bond market

    Power Finance Corporation has successfully tapped international market and raised USD 1 billion through Reg- S bonds in one go. This was the PFC`s first issuance in the international market after successful acquisition of Government of India holding in REC.

    The issuance attracted a strong and diversified order book indicating investor`s confidence towards PFC`s differentiated credit despite volatile market conditions and concerns over Indian NBFI sector.

    The USD 1 billion Reg- S transaction was executed through two tranches. The 5 year tranche for USD 400 million @3.87% at a reoffer spread of 195 bps over 5 year UST and 10 year tranche for USD 600 million @4.577% at a reoffer spread of 242.5 bps over 10 year UST.

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