IRFC raises $500 m via international bond sale

Indian Railways Finance Corporation (IRFC) has raised USD 500 million from a five-year international bond sale at a coupon of 3.917 per cent.
Lead banker Deutsche Bank India today said this was the first quasi-government institutional offering in 2014 and the issue was oversubscribed six times, or worth over USD 3 billion.
IRFC could not be immediately reached for comments.
The RegS issue, which will be listed on the Singapore Stock Exchange carries a BBB- rating from S&P, Baa3 from Moody's and BBB- from Fitch and will mature in February 2019.
On the investor profile, Deutsche Bank said the 170 accounts to the fixed rate senior unsecured bonds comprised banks (14 per cent), private banks (4 per cent), fund managers (76 per cent) and pension funds and insurers (6 per cent).

Investors by region included 54 per cent Europeans, 38 per cent Asians and 8 per cent non-resident American investors.
The other merchant bankers included ANZ, Barclays, and RBS.