NTPC prices India's first 10-year dollar bond since the financial crisis

Indian utility offers investors sovereign exposure, while paving the way for further Indian borrowers to push out to the 10-year part of the curve.
February 23, 2006
NTPC has completed IndiaÆs first 10-year bond deal since 1997 with a $300 million offering via Barclays Capital and Deutsche Bank. The BBBB Fitch sovereign rated transaction priced Thursday February 23 at the tight end of revised guidance.

The Reg S deal was priced at 99.523% on a coupon of 5.875% to yield 5.939%. This equates to a spread of 140bp over comparable US Treasuries or 84-85bp over Libor on an asset swap basis.

Having kicked off roadshows with initial guidance of 145bp to155bp over Treasuries, the leads were able to tighten the range to 140bp to 145bp over as the deal gathered momentum throughout the roadshow schedule. Guidance was further revised Thursday morning...

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