Indian Railways pulls into Tokyo

The first Indian public yen issue since 1991 finds a willing reception in Japan.

The Japanese market marches to a different beat from the rest of Asia, and yesterday's bond deal from Indian Railways Finance Corporation proved it. The Y13 billion $120 million deal was priced yesterday amid the global volatility in GM-modified spreads. While this volatility has caused many other Asian bond deals to be scrapped, Indian Railways' issue carried straight on through without even having to increase its spread from when it started pre-marketing at the beginning of the month.

The five-year deal was marketed at 70bps over yen libor and ended up being priced at par with a coupon of 1.43% to yield 70bps over yen swaps and 77.5bps over benchmark...

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