ReNew Power to raise Rs 1,000 cr equivalent in part-guaranteed forex bonds

Will be the first such issuance in over a year, signalling that high-yield markets overseas are opening up, but remain circumspect on likely impact on debt serviceability after Covid outbreak

Green energy firm ReNew Power is planning to raise Rs 1,000 crore equivalent in foreign currency bonds after securing a partial guarantee from GuarantCo, according to sources familiar with the matter.

The issuance could be announced in a week or so, and would be the first such issuance in more than a year. This also indicates that the high-yield markets overseas are opening up, but are still circumspect on the likely impact on debt serviceability after the Covid-19 outbreak.

High-yield bonds from Asia totaled $2.2 billion in June, after two months of no issuance, according to rating agency Moody’s. All the seven