Power Finance Corp raises $300-M via overseas bonds

Power Finance Corporation has raised USD 300 million through an overseas bond issue. The transaction was facilitated by MUFG, Barclays, and Standard Chartered.The government-owned lender issued five-year dollar-denominated bonds in the international market, marking the second such deal from India following a special swap arrangement announced by the Reserve Bank of India (RBI). The bonds were priced at 105 basis points above the five-year US Treasury, resulting in a final yield of 5.32%. The company secured an order book approaching USD 1 Billion from investors across Asia, the Middle East, and Europe.