Markets

PFC raises $1 billion through international bond issue

State-run Power Finance Corp (PFC) on Wednesday said it raised $ 1 billion through issuance of bonds in international market. This is the companys first issuance in the international market after acquisition of governments stake in REC Ltd.

The $ 1 billion Regulation- S transaction was executed in two tranches. A five-year tranche for $ 400 million at 3.87 per cent at a spread of 195 bps over 5-year US treasury and a 10-year tranche for $ 600 million at 4.577 per cent at a spread of 242.5 bps over 10-year US Treasury, an official statement said.

“The transaction establishes PFCs status as leading non-banking financial institution in India. This is also the companys s first dollar issuance in the five – year tenor. The successful completion of the deal underscores investors continued confidence in PFC post acquisition of REC,” PFC chairman and managiRead More – Source

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