Corporate finance firm REC to issue multiple-tenor bonds, say bankers

India's REC plans to raise funds through two bonds, one maturing in three years and two months and the other in 10 years, three bankers said on Friday.
 

The state-run company plans to raise up to 30 billion rupees ($361.31 million), including a greenshoe of 25 billion rupees via shorter-tenor bonds, and up to 25 billion rupees, including a greenshoe of 20 billion rupees via 10-year notes.

REC has invited bids for both the bond issuances on Wednesday.
 

Here is the list of deals reported so far on Feb. 16: Issuer Tenure Coupon (in per cent) Issue size (in Rating bln rupees)* Bidding date REC 3 years and To be decided 5+25 Feb. 21 AAA (India 2 months Ratings, Icra) REC 10 years To be decided 5+20 Feb. 21 AAA (India Ratings, Icra) Tata 3 years 8.10 5+8 Feb. 20 AAA(Crisil, Capital Housing Icra) Finance LIC Housing Finance 10 years To be decided 12+18 Feb. 20 AAA (Crisil, Feb 2034 reissue Careedge) PFC 5 years To be decided 5+25 Feb. 20 AAA (Crisil, and 2 months Icra) PFC 10 years To be decided 5+25 Feb. 20 AAA (Crisil, Icra) HDB 3 years and 8.2378 1+5 Feb. 16 AAA (Crisil, Financial Services 2 months Careedge) HDB Financial Services 4 years and To be decided 1+1.50 Feb. 16 AAA (Crisil, Nov 2028 reissue 9 months Careedge)