Mandate tussle for NTPC

Indian credits continue to exploit the availability of cheap US dollar funding.

National Thermal Power Corp NTPC continues to delay the announcement of the official mandate for its $100 million five year fundraising requirement. Credit Lyonnais, HSBC and State Bank of India were heard to have been verbally mandated last week although rumours suggest that this may have changed again.

The borrowers last deal was a $120 million two and a half year deal completed in 2001 by arrangers SBI International, UFJ, Bank of India and Mizuho. This financing paid an all-in of 62bp for top tier commitments of $10 million or more and attracted seven tickets in general.

ABN Amro Bank is currently syndicating a $100 million deal for private Indian...

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