IRFC overseas bond issue subscribed six times

Company saw bids worth $3 billion

The $500 million overseas bond issue of state-owned Indian Railway Finance Corporation (IRFC) saw bids worth $3 billion. The company issued bonds in five-year tenure maturing in February 2019.

The bonds, with S&P rating of 'BBB-', had coupon rate of 3.917%. The offering was the first quasi-government institutional offering in 2014. More than half of the bids were from the European region and about 38% were from Asia.

Deutsche Bank, ANZ, Barclays and The Royal Bank of Scotland were the book running lead managers. Listing of the bonds will be on Singapore's SGX exchange.