INDIA
DEBT CAPITAL MARKETS
› IREDA PRINTS DEBUT GREEN MASALA
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY
(Ireda) has raised Rs19.5bn (US$300m) from
debut five-year Masala, or offshore rupee,
bonds at a reoffer yield of 7.23%.
The Green bonds priced at 99.572 with
a coupon of 7.125% after orders reached
Rs34bn.
The yield was in line with the onshore
rupee curve and inside Ireda’s outstanding
debt. Five-year AAA rated onshore corporate
bonds are yielding 7.22%, according to
Thomson Reuters data, while Ireda’s rupee
bonds, maturing in June 2022, trade at
7.297%.
Ireda began roadshows early last week in
Hong Kong, Singapore and London and had
put out an indicative price of 7.3% for the
Reg S offering.
It mandated Axis Bank, Barclays, HSBC, ICICI
Bank, Standard Chartered Bank and Yes Bank as
joint bookrunners and lead managers for
the issue.
Ireda, which is 100% state owned, has
ratings of Baa3 from Moody’s and BBB– from
Fitch. The issue has a green certification
from the Climate Bonds Initiative.
The proceeds will be used for refinancing
renewable energy and energy efficiency
projects.
› NABARD TO ADD TO SEPTEMBER 2020S
NATIONAL BANK FOR AGRICULTURE AND RURAL
DEVELOPMENT plans to reopen its 6.98%
September 2020 bonds for a Rs10bn tap at a
6.97% yield, according to market sources.
Earlier last week, Nabard raised
Rs10.25bn from a reopening of the
September 2020s to yield 6.92%.
Nabard is the only public-sector
company to reopen bonds regularly, having
completed four taps since July, following
the market regulator’s announcement of
restrictions on the number of bond lines.
The upcoming tap of Rs10bn will lift the
outstanding size to Rs65.25bn.
Nabard has yet to announce officially the
final price and size of the offering.
HDFC Bank is the arranger of offering,
according to market sources.
Nabard has yet to announce officially the
final price and size of the offering.› REC SELLS 18-MONTH NOTES AT 6.75%RURAL ELECTRIFICATION CORP has sold Rs11.5bn
of 18-month rupee bonds at 6.75%,
according to data on National Securities
Depository Limited.
The pay-in and allotment took place on
September 26.
In the first week of September, REC sold
Rs26.7bn of five-year rupee bonds.
The bonds have AAA ratings from Crisil,
India Ratings, Icra and Care.
Axis Bank, HDFC Bank, ICICI Bank, ICICI
Securities Primary Dealership, Trust Investment
Advisors, Yes Bank and Kotak Mahindra Bank
are lead arrangers on the deal.› RAUL SELLS THREE-TRANCHE NOTESRENEW AKSHAY URJA (Raul) has raised Rs7.6bn
from a three-part offering of bonds,
according to IDFC Bank.
The Indian manufacturer of renewable
energy equipment raised Rs1bn from five-
year notes at 8.55%, Rs2.5bn from 10-year
notes at 8.65% and Rs4.1bn from 17-year
notes at 8.75%. The coupon for all the
maturities will be payable quarterly.
The 10-year maturity has a call option
after five years and the 17-year bonds have
call options after five and 10 years.
The bonds have AA+ (structured obligation)
ratings from India Ratings and Care. The
notes have a partial credit guarantee from
India Infrastructure Finance and Indian
Renewable Energy Development Agency.
The funds will be used for refinancing
of existing project loans. Raul is a project
special-purpose vehicle of ReNew Solar
Power and ReNew Power Ventures. It has
124 MW of operating solar energy capacity
and has a power-purchase agreement withSouthern Power Distribution of Telangana
state.› GODREJ PROP RAISES RS5BN AT 7.83%GODREJ PROPERTIES has raised Rs5bn from an
issue of three-year rupee bonds at 7.83%,
according to market sources.
The Indian real-estate developer has yet
to announce officially the size, price and
tenor of the issue.
Icra has assigned a AA rating to the
bonds.› DEWAN RAISING RUPEE FUNDSDEWAN HOUSING FINANCE CORP is selling Rs5bn
of rupee bonds on a partly paid basis,
according to an exchange filing.
The Indian issuer received orders of Rs25m
and the remaining subscription amount will
come in after one year and one day.
The price has been fixed at 7.25% for
the first year and 7.55% for the second and
third years.
The bonds have a put option at the end
of one year and one day.
The rupee notes have AAA ratings from
Brickworks and Care.› BANK OF INDIA SCRAPS RS5BN AT1BANK OF INDIA has scrapped plans to sell Rs5bn
of non-call five Basel III-compliant Additional
Tier 1 rupee bonds after receiving a lowest
bid of 11.5%, according to market sources.
“All investors bid at 11.5% levels for the
AT1 bonds,” said a DCM banker.
The perpetual bonds were rated AA–/A+
(Brickwork/India Ratings).› ADANI INFRA SELLS TWO-TRANCHERPrivate Indian thermal-power producer
ADANI INFRA has sold Rs3.4bn of dual-tranche
zero-coupon bonds maturing in April 2020,
according to a regulatory filing.
The yield on both tranches was 9.22%,
National Securities Depository data shows.
A Rs1.7bn tranche has a put/call option
on December 15 2018 and a Rs1.7bn piece
has one on May 15 2018.S034334/5-16CONTRIBUTE CONTENT. MULTIPLY YOUR REACH.
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