Power Finance Corporation Limited (PFC) has raised $300 million through a five-year bond issue in the international market.
The bond was priced at 105 basis points above the five-year US Treasury, tighter than the initial guidance of 130 basis points. Based on the prevailing five-year US Treasury yield of 4.27 per cent, the bond was priced to yield 5.32 per cent. The issue marks the second such overseas bond transaction by an Indian entity following the Reserve Bank of India’s announcement of a special swap arrangement.