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.
<div class="ArticleImageCaption" style="text-align: left;">India's power infrastructure leaves plenty of room for improvement</div>
<div class="ArticleImageCaption" style="text-align: left;">India's power infrastructure leaves plenty of room for improvement</div>

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.

¬ Haymarket Media Limited. All rights reserved.

Sign in to read on!

Registered users get 2 free articles in 30 days.

Subscribers have full unlimited access to FinanceAsia.

Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.

Questions?
See here for more information on licences and prices, or contact [email protected].

Share our publication on social media
Share our publication on social media