IRFC

IRFC prices $300 million five-year notes

State-owned Indian Railway Finance Corporation taps the bond market with a tightly controlled deal.
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IRFC aims to ensure that India's proud rail heritage continues
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<div style="text-align: left;"> IRFC aims to ensure that India's proud rail heritage continues </div>

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 spread of 280bp over the US Treasury five-year benchmark.

The lead managers had approached investors early yesterday morning with spread guidance of 310bp, 30bp wider than the issue eventually priced late last...

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