IRFC’s bond plans grind to a halt

By Morgan Davis
09 Mar 2021

Indian Railway Finance Corp postponed its dual-tranche dollar bond offering on Monday when faced with a volatile market backdrop that ‘bamboozled’ the banks running the deal.

The Baa3/BBB-/BBB- issuer announced a five year bond at the 160bp over US Treasuries area and a 10.5 year note at the 215bp over area on Monday morning local time. Fair value for the notes was spotted at 130bp over and 190bp over by analysts at Nomura.

BNP ...

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