In India, Tata Steel has succeeded in raising the rupee equivalent of $480 million in what is the largest single-issue bond offering from a private corporate borrower in the domestic market. The bond was upsized from an initial $300 million. Citi was the sole arranger for the deal, which included a three-year $331 million tranche that came at 10.2%, and a seven-year $149 million tranche which priced on a floating-rate basis at 250bp over Mibor.
The senior unsecured transaction rated double-A, which marked Tata Steel’s debut in the domestic bond market, came just after the policy announcement of a 75bp increase in the cash reserve ratio.
...
¬ Haymarket Media Limited. All rights reserved.
