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A wholly owned subsidiary and the investment banking arm of State Bank of India
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Power Finance Corporation Limited

Maiden Green Bond Issuance by Power Finance Corporation

2017

Transaction Highlights

  • Maiden Green Bond Issuance by Power Finance Corporation
  • The funds raised will help promote renewable energy projects across the country and aid in achieving the government’s target of 175GW of installed renewable energy capacity by 2022 
  • The IPG on the bonds was 180 bps over 10 UST, which was tightened by 22.5bps yielding 3.908% p.a.
  • Received bids over $ 1.25 Bn across 75 accounts reflecting significant interest from high quality, real money institutional investors

 

Structure of the issue

Issue date 6th December 2017
Issuer Power Finance Corporation
Issue ratings Baa3 / BBB- / BBB- (Moody’s / S&P / Fitch)
Format Reg S
Status Fixed Rate, Semi - Annual
Type Senior unsecured
Maturity 10 years
Size USD 400 Mn
Coupon 3.75 % p.a (payable semi-annually)
Re - offer Yield 3.908 %
SBI Capital Markets role Joint lead manager and Joint Book runner
Re-offer UST Spread UST +157.5 basis points

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