Those bonds were priced after adding about 193 over and above five-year US Treasury (UST). It yielded 2.75 percent, about 38 basis points tighter than initial price guidance, two market sources said.
A group of foreign banks including Barclays, MUFG, Standard Chartered Bank and Citi helped the company raise offshore funds.
Global rating company Fitch Ratings graded those REC bonds with BBB-, the lowest in the investment grade.
The proposed notes will be issued from REC’s existing $7 billion global medium-term note programme, Fitch said in a report.
About two weeks ago, the Cabinet Committee on Economic Affairs (CCEA) reportedly approved the marquee ₹3.03 trillion power distribution company (discom) reform scheme. REC is expected to benefit out of it.
