India's PFC finds strong support for $750m bond

India power plant_230px
By Morgan Davis
06 Sep 2019

Power Finance Corp gathered a peak book of $4bn for its $750m dual-tranche bond issuance, allowing it to sell the notes at tighter-than-expected levels.

The Baa3/BBB-/BBB- rated Indian borrower has been busy in capital markets this year, printing a $1bn two-tranche transaction, split between five and 10 year notes, in June.

Earlier this year, state-owned PFC also took a majority stake in REC, a power and electricity company formerly known as Rural Electrification ...

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