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Indian companies experienced the largest influx of foreign investment in their bonds in five years as the countrys largest-ever low-grade local currency debt sale attracted overseas investors enticed by the high yields. Goswami Infratech, a Shapoorji Pallonji group company, raised INR 143 billion ($1.7 billion) by selling zero-coupon bonds through private placement, offering a yield of 18.75%. This surge in interest resulted in foreign investors buying INR 47.1 billion of Indian local company debt on Wednesday, the highest inflow since 2018. The positive sentiment is due to strong economic gro...

The funds raised through this issuance will be utilised by the company to refinance upcoming maturities of Cyrus Investment Pvt Ltd debt, prepay Sterling Investment Corp Pvt Ltd debt amounting to ₹3,300 crore ($406 million), and fund other group debt obligations with ₹2,976 crore ($363 million). Additionally, the debt will be used to prepay ₹3,250 crore borrowed from Ares SSG and Farallon, which includes ₹2,300 crore of principal and ₹950 crore of interest payment.

GIC, Goldman, others line up for JSW arm’s $707-m bonds SECTIONS Share Synopsis The company is said to have lowered the funding cost from its initial guidance pegged at 4.5 percent, with 10-year maturity. iStock Sajjan Jindal-controlled JSW Energy is planning to raise up to $1 billion in a maiden dollar bond sale, ET reported on March 25. INSIGHTS NSE MUMBAI: GIC, Goldman Sachs, China Asset Management, FIL Investment (Fidelity), UBS and Schroder Investment are among the bidders for JSW Hydro Energy’s $750-million overseas green bond sale that drew offers more than four times the target...

JSW Hydro Energy’s debut green bond issue was subscribed 4x and closed at a much lower rate than initially guided, on Monday. Its $707-million 10-year green bond saw a fair amount of investor interest, even as foreign investors cut down their overall positions on Indian debt. The initial price guidance was at 4.5 per cent but finally closed at 4.125 per cent, said market sources. Majority of subscribers are high-quality long-only investors, according to them. Deutsche Bank was the lead banker on the issue. Other banks included Standard Chartered, JP Morgan and Barclays. “The extremel...

Explore Now Mumbai: JSW Steel raised $250 million by selling bonds overseas. The bond sale is an extension to its earlier issuance in October, when the steel maker raised $500 million. The bonds, which opened for subscriptions Monday likely obtained an order book, three times higher than the actual size. Standard Chartered, Deutsche Bank, Credit Suisse helped the company mopping up the funds. Real money investors put in bids amounting to around $1 Billion chasing US$ 250 million on similar terms & price, bankers said. "Notwithstanding the pandemic it’s a huge testament to the credit quality...