PFC’s dollar bonds receive 42% US participation

Kolkata: Power Finance CorporationNSE -1.13 % (PFC), a non-banking finance company operating in the power sector, has successfully carried out issuance of 10.25-year $ 750 million bonds under Reg S & 144 A route. The bonds have a fixed coupon of 3.95% per annum and a yield of 4.066%.

According to a statement by PFC, with this offering, it becomes the first Indian public sector company to issue senior unsecured US-dollar bonds with a tenure of more than 10 years.

This is also PFC’s third international bond issuance in FY 19-20 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% participation from the US market, it said in the statement.