PFC raises $500 million in India's longest-tenure issue of USD bonds

Fixed coupon of 3.35%, maturing May 16, 2031

Leading power sector lender Power Finance Corporation ltd (PFC), raised $500 million through issuance of dollar-denominated bonds under Reg S route with a fixed maturity of May 16, 2031.

The company in a statement said this is the longest tenure bond issuance from India since the start of the year. The bonds have a fixed coupon of 3.35 per cent per annum,

PFC’s statement said the order book amounted to around $2.55 billion, achieving an oversubscription of 5.1 times. The proceeds from bonds will be utilized in accordance with the external commercial borrowing regulations of the Reserve Bank of India