India’s PFC keeps investors on their toes

By Addison Gong
29 Nov 2018

Indian state-owned Power Finance Corp had to abandon a new change of control language to keep investors focused on its $500m 10 year bond issuance, which was printed amid talks of a possible merger.

The issuer’s return to the bond market, and its debut in the 144A format, was never going to be easy. 

The market is still not keen on longer-dated bonds, but PFC opted for a 10 year trade. In addition, talks of a potential merger between PFC and Rural Electrification ...

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