Power Finance Corporation Ltd (PFC) has become the first public sector company to issue senior unsecured US Dollar bonds with a tenure of more than 10 years. A company statement said on Friday, PFC has successfully carried out the issuance of 10.25 year, $750-million bonds on January 15, under Reg S & 144 A route.
The bonds have a fixed coupon of 3.95 per annum and a yield of 4.066 per cent. This is PFC’s third international bond issuance in the current financial year as well as PFC’s largest single tranche bond. The final order book amounted to more than $2.2 billion, attracting active and wider participation from investors across US, European and Asian markets, with around 42 per cent participation from the US market, the statement said.
