NTPC makes bond market debut

State-owned power company tries to re-engage investor interest in Indian debt.

National Thermal Power Corporation NTPC priced its debut international capital markets deal yesterday Wednesday raising $200 million from a seven-year deal.

With ABN AMRO and Merrill Lynch as lead managers, the Ba2BBBB Fitch rated group priced its offering at 99.37% on a coupon of 5.5% to yield 5.61%. This equates to a Treasury spread of 203bp and Libor spread of 159bp. Fees total 20bp.

At this level, pricing was deemed fair, although slightly out...

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