NHB may issue 3-year bonds in April, Reliance plans 2-month CP, and others

India's NHB likely to issue around three-year bonds in April 

India's National Housing Bank (NHB) is likely to raise up to Rs 2,000 crore ($244.5 million) by selling bonds maturing in around three years, three merchant bankers said on Thursday. The state-run financial institution is likely to tap the bond market later in April, they said.

The bonds are likely to have a put and call option at the end of the first year, one of the bankers said. NHB is yet to make an official announcement of the planned bond sale on the electronic bidding platforms, and did not immediately respond to a Reuters request for comment.

 

In March, NHB raised Rs 1,900 crore through bonds maturing in three years and 10 days at a coupon of 7.77%, and this issue had a put and call option at the end of one year.

Birla Group Holdings to issue 3-month CP 

India's Birla Group Holdings plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Tuesday.
 

The company will offer a yield of 7.52% on the issue, for which it has received commitments worth around Rs 100 crore ($12.2 million) so far, they said. The notes are rated A1+ by ICRA.

HUDCO to issue over 3-year bonds 

India's Housing and Urban Development Corp (HUDCO) plans to raise at least Rs 500 crore ($61.1 million) selling bonds maturing in three years and four months, four merchant bankers said on Thursday. The state-run company has invited coupon and commitment bids for the issue on Tuesday, they said.
 

Earlier this week, Reuters had reported that HUDCO was planning to issue shorter duration bonds. The issue has a greenshoe option to retain an additional Rs 1,000 crore and will mature in August 2026. The bonds are rated AAA by Care, ICRA and India Ratings and will be settled next week.
 

This will be HUDCO's first bond issue in the current financial year. The company last tapped the market in February and raised Rs 2,000 crore through bonds maturing in three years and three months at a coupon of 7.68%.

PFC to issue over 10-year bonds 

India's Power Finance Corp Ltd plans to raise at least Rs 500 crore (about $61 million) through the sale of bonds maturing in 10 years and three months, three merchant bankers said on Thursday. The state-run company has invited bids from bankers and investors for the same on Tuesday, they said.
 

The bonds are rated AAA by CRISIL and the issue will be settled next week. The issue has a greenshoe option to retain an additional Rs 2,000 crore and will mature in July 2033. PFC also plans to raise at least Rs 500 crore via bonds maturing in three years and three months.

In March, PFC raised an aggregate of Rs 2,590 crore through bonds maturing in three years, five months and 15 days and in five years and 15 days at a coupon of 7.70% and 7.77%, respectively.

Reliance Industries to issue 2-month CP 

India's Reliance Industries plans to raise funds by selling commercial papers maturing in two months, two merchant bankers said today.
 

The company will offer a yield of 6.88% on the issue and has received commitments worth around Rs 850 crore ($103.91 million) so far, according to the bankers.

Larsen & Toubro to issue 3-month CP 

India's Larsen & Toubro plans to raise funds through the sale of commercial papers maturing in three months, three merchant bankers said on Thursday.

The company will offer a yield of 7.00% on the issue, and has received commitments worth around Rs 500 crore ($61.09 million) so far, the bankers said.
 

The notes are rated A1+ by Crisil.

NABARD to issue near 3-month CP

India's National Bank for Agriculture and Rural Development (NABARD) plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Thursday.
 

The state-run company will offer a yield of 7.00% on the issue for which it has received commitments worth around Rs 500 crore ($61.08 million) so far, the bankers added.
 

The notes are rated A1+ by ICRA.