REC snaps up $500m from bond

Electricity_power_adobe_12May_575
By Morgan Davis
23 Feb 2021

India's REC has raised $500m from a tightly priced bond that appealed to investors because of its relatively short tenor of 5.5 years amid volatility in the longer end of the yield curve.

REC, which was previously known as Rural Electrification Corp, and its owner Power Finance Corp are fairly regular and well-known borrowers in the dollar market. REC last sold a dollar bond in May 2020, making it one of the few Indian borrowers to brave the debt market ...

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