Rpl To Tap Mart With Rs 50 Cr Ncd

Reliance Petroleum Ltd (RPL) is set to hit the corporate debt market with a Rs 50 crore five-year secured non-convertible debentures with an unspecified greenshoe option. Bond dealers said the issue will be privately placed on Tuesday.

The coupon rate for the issue, which carries a AA+ rating by Fitch Ratings India Pvt Ltd and Credit Rating and Information Services of India Ltd, will be 9.90 percent, payable annually. Standard Chartered Bank is the sole arranger to the issue.

Corporate bond market continues to be flooded with primary issues. Housing and Urban Development Corporation Ltd (Hudco) recently mopped up Rs 637.51 crore from the market through a bond issue. The issue with notified amount of Rs 500 crore was oversubscribed by 67.13 per cent.

Hudco received bids of Rs 835.66 crore, of which it retained Rs 637.51 crore. The issue carries three options with maturity periods of five year, seven year and 10 years. The coupon for the three options are 10.30 per cent, 10.65 per cent and 11.15 per cent. The issue was closed on July 4 was arranged solely by the UTI Bank. The bond is rated AA+ by the Credit Analysis and Research (Care).

Srei International Finance Ltd today launched a private placement of 1-year non-convertible debentures to raise Rs 30 crore. The issue is guaranteed by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.(FMO). The deemed date of allotment is August 1, dealers said.

The book-building yield band for the issue is set in the range of 8.80-9.95 per cent payable quarterly. The bonds can be redeemed in 16 equal installments starting from the end of 30th month after the deemed date of allotment. The issue is rated AAA(SO) by Crisil. J M Morgan Stanley Pvt Ltd is the sole arranger to the issue.