Saturday, 9 May 2015

NTPC will look at an offering of global rupee bonds update for 09 May 2015

NTPC is also considering raising funds through masala bonds, or rupee-denominated bonds issued in capital markets abroad. An NTPC official said the company was planning to raise such bonds to part-finance its capital expenditure. Recently, the company's board had approved a proposal to raise debt from foreign bond markets. "Depending on market conditions and requirement, the company will look at an offering of global rupee bonds soon, after the guidelines on this are notified," the official said, adding discussions on the issue were in preliminary stages. In November 2014, NTPC had carried out a $500-million medium-term note offering in international markets. Bankers associated with debt issuances said while there was only one instance of masala bonds being issued, by International Finance Corporation, many Indian companies had started weighing such instruments.In November 2014, the International Finance Corporation had raised Rs 1,000 crore through 10-year rupee bonds. The bonds, rated AAA, had a yield of 6.3 per cent. Such bonds are issued to foreign investors and settled in dollars; therefore, the currency risks are the investor's. With masala bonds, Indian companies could blend their debt portfolios, optimise liability and cut costs. 

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