Tata Power scores with rare rupee hybrid

19 Aug 2012

Tata Power raised Rs15bn ($269m) last week from a rare corporate hybrid issue in the rupee market, pulling off the longest maturity ever achieved for an Indian corporation in the domestic market.

The 60 year bond came with a call option after 10 years, and priced to yield 11.04% off a coupon of 10.75%. The bond features a 100bp step-up which kicks in if the company fails to call the bond at the first opportunity, emulating a staple feature of corporate ...

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