PFC Issues EuroBond Issuance
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18 September 2021 Current Affairs:Power Finance Corporation Ltd (PFC) has effectively issued its maiden Euro 300 million 7-year Euro Bond issuance.
Highlights:
♦ State-run electricity sector lender PFC grew to be the first Indian entity to launch Euro-denominated inexperienced bonds with a €300-million (about $352 million) issuance that was once oversubscribed 2.6 times by institutional buyers across Asia and Europe.
♦ It is the first Euro issuance by an Indian NBFC and the first Euro bond issuance from India considering the fact that 2017.
♦ The pricing of 1.8% done is the lowest yield locked in through an Indian issuer in the Euro markets. The bond would assist PFC in diversifying its currency book and the investor base.
♦ With the issuance, PFC has additionally forayed in the European market for its global fund raising.
