NTPC prices India's first 10-year dollar bond since the financial crisis

Indian utility offers investors sovereign exposure, while paving the way for further Indian borrowers to push out to the 10-year part of the curve.

NTPC has completed IndiaƆs first 10-year bond deal since 1997 with a $300 million offering via Barclays Capital and Deutsche Bank. The BBBB Fitch sovereign rated transaction priced Thursday February 23 at the tight end of revised guidance.

The Reg S deal was priced at 99.523% on a coupon of 5.875% to yield 5.939%. This equates to a spread of 140bp over comparable US Treasuries or 84-85bp over Libor on an asset swap basis.

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