The $500 million overseas bond issue of state-owned Indian Railway Finance Corporation (IRFC) saw bids worth $3 billion. The company issued bonds in five-year tenure maturing in February 2019.
The bonds, with S&P rating of 'BBB-', had coupon rate of 3.917%. The offering was the first quasi-government institutional offering in 2014. More than half of the bids were from the European region and about 38% were from Asia.
Deutsche Bank, ANZ, Barclays and The Royal Bank of Scotland were the book running lead managers. Listing of the bonds will be on Singapore's SGX exchange.
 "IRFC overseas bond issue subscribed six times")
