Hybrids find favour as Tata Power upsizes deal to $450 million

Tata Power last night priced its $450 million hybrid at 8.5%, upsizing the deal after gathering a robust $3.5 billion order book.

Hybrids find favour as Tata Power upsizes deal to $450 million
India's power infrastructure leaves plenty of room for improvement

Tata Power last night priced a warmly received $450 million 60-year non-call-five hybrid at a yield of 8.5%. The initial whisper was at “high 8%” and was tightened to a guidance of 8.5% to 8.75% yesterday morning, with the bonds eventually pricing at the tight end of guidance.

The joint bookrunners Deutsche Bank, Goldman Sachs and UBS guided investors to a $300 million to $400 million print, but upsized the deal to $450 million after...

To continue reading, please login or register for free

Click for more on: tata power

Print Edition

FinanceAsia Print Edition

CONFERENCES