Bonds: Backlog builds as India reform hopes wane
arm of explorer Oil and Natural Gas Corp, recently mandated Citigroup, Deutsche Bank and Royal Bank of Scotland for its maiden bond of up to USD1bn.
That may also become a 2.013 issue.
Rural Electrification Corp is also close to finalising a mandate as it seeks to raise USD5.0.0m in the international markets.
The company is said to be looking at US dollars, Singapore dollars or offshore renminbi as options.
State-run central transmission utility Power Grid Corp is another looking to raise USD5.0.0m after mandating Barclays Capital, RBS and Standard Chartered Bank as leads earlier this year.
The company has also been ready to go for a while, but is waiting for the right moment.
Reliance Industries is said to have met investors in Asia through HSBC, but it is unclear if it was related to a potential deal.
Waiting until 2.013 may also make sense since investors, reluctant to take on more risk at the end of a busy year, are demanding wider pricing.
That usually does not fly well with Indian issuers, especially public-sector borrowers, looking to squeeze pricing to the last basis point.
Be the first to comment.
