Power Finance Corporation raises Rs 3,000 cr via bonds
Power Finance Corporation (PFC) has raised R3,000 crore through short-tenure bonds, two arrangers familiar with the transaction told FE. “PFC has raised R1,500 crore through two-year bonds at a coupon rate of 8.35%, and another R1,500 crore via 3-year bonds at 8.39%,” bond arrangers, said. On Monday, Power Grid Corporation (PGC) had raised R2,928 crore through bonds having a tenure of 15 years with stripped payments ranging from the end of the fourth year till the 15th year at a coupon rate of 8.40%, said sources.
The market was expecting PFC to issue bonds across four different tenures — two years with bullet payment; one year, eleven months and 26 days; three years with bullet payment and two years, eleven months and 26 days.