By Rebecca Melvin
New York, June 30 – India’s state-owned Rural Electrification Corp. priced $450 million of 3.965% 10-year notes (Baa3/-/BBB-) at a reoffer of 99.263 to yield 4%, according to a release.
ANZ, Barclays, BNP Paribas, HSBC, Mizuho Securities and MUFG are joint bookrunners for the deal, according to a market source.
Proceeds are earmarked to finance environmentally friendly power projects across India.
The bond are being listed to trade on London’s International Securities Market.
The bond’s order book was 3.9 times oversubscribed with Asian investors making up 68% of the book and EMEA region investors accounting for the remaining 32%.
New Delhi-based Rural Electrification provides financial assistance to power generation, transmission and distribution projects in India.
| Issuer: | Rural Electrification Corp.
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| Issue: | Notes
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| Amount: | $450 million
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| Maturity: | 2027
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| Coupon: | 3.965%
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| Price: | 99.263
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| Yield: | 4%
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| Bookrunners: | ANZ, Barclays, BNP Paribas, HSBC, Mizuho Securities and MUFG
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Listing: | International Securities Market (London)
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