REC nabs $500m in end of the year deal

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By Morgan Davis
06 Dec 2019

India's REC, formerly known as Rural Electrification Corp, raised $500m from a five year bond on Thursday.

Lead managers and bookrunners Barclays, DBS, MUFG and Standard Chartered began marketing the five year paper at 220bp over US Treasuries area.

REC's $650m 3.375% 2024 notes, which were sold in July, were trading at a G-spread of 180bp ahead of the new transaction. But ...

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