NTPC 10-year bond meets enthusiastic demand

In still supportive bond markets, NTPC launched a well-received 10-year $500 million issue on Monday. The transaction came just a few weeks after one of India’s worst electricity crises, when blackouts covered large swathes of the north and east of the country in early August.

NTPC intends to use the proceeds of the bond issue to fund its current and new capital expenditure in the power sector, including the development of coalmines to help secure fuel supplies.

The company met with investors in Hong Kong on 13 and September 14, and chose to launch a deal at the beginning of this week after a favourable ruling on...