IRFC prices $300 million five-year notes

State-owned Indian Railway Finance Corporation taps the bond market with a tightly controlled deal.

IRFC prices $300 million five-year notes
IRFC aims to ensure that India's proud rail heritage continues

Indian infrastructure companies continue to take advantage of attractive primary market yields and buoyant investor demand by locking in low fixed-rate funding. Yesterday, Indian Railway Finance Corporation IRFC launched a small five-year issue, a few days after NTPC raised $500 million to help fund capital spending in the power sector.

The new IRFC notes were reoffered at par and pay a 3.417% with a maturity date of October 10, 2017. The yield was at a...

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