Published on 1/21/2011 in the Prospect News Emerging Markets Daily.
New Issue: Rural Electrification sells $500 million 4¼% notes due 2016 at Treasuries plus 250 bps
By Christine Van Dusen
Atlanta, Jan. 21 - India's Rural Electrification Corp. priced $500 million 4¼% notes due Jan. 25, 2016 (Baa3//BBB-) at 98.971 to yield Treasuries plus 250 basis points, a market source said.
Credit Agricole CIB, RBS and Standard Chartered were the bookrunners for the deal.
Rural Electrification is a public financial institution based in New Delhi.
| Issuer: | Rural Electrification Corp.
|
| Amount: | $500 million
|
| Maturity: | Jan. 25, 2016
|
| Description: | Notes
|
| Bookrunners: | Credit Agricole CIB, RBS, Standard Chartered
|
| Coupon: | 4¼%
|
| Price: | 98.971
|
| Spread: | Treasuries plus 250 bps
|
| Trade date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
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