IRFC joins India move to bonds after tax cut
Indian Railway Finance Corp raised $300m this week, becoming the second Indian borrower to sell international bonds after the finance ministry lowered the withholding tax on overseas borrowings by infrastructure companies.
IRFC priced the five year bond at 280bp over Treasuries, the tight end of price guidance and 10bp tighter than its closest comparable bond, from Export-Import Bank of India.
Bookrunners Barclays, Bank of America Merrill Lynch, Citi, Deutsche Bank and JP Morgan initially pitched the deal at 310bp
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