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

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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