Quick view : PFC may raise R2,500 crore through perpetual bonds
HDFC doubles 5-yr bond issue size to minimum R500 crore
India’s Housing Development Finance Corp has more than doubled its five-year bond issue size to at least R500 crore ($89.46 million) on brisk investor demand, three sources with direct knowledge of the deal said on Monday. The mortgage lender, however, has kept the pricing unchanged at 9.70% for the issue, which has a greenshoe option of R250 crore, said the sources. The bond is seeing commitments from mutual funds and insurers, so we have increased the issue size, a company source said. Traders say last week’s weaker-than-expected GDP data for the last quarter of the 2011-12 fiscal year that ended in March has sparked rate cut hopes, resulting in a rally in bond prices and boosting the demand for corporate paper. The issuer had initially aimed to raise a minimum R200 crore. ICICI Bank is the sole arranger.
Indian banks to raise $30 bn in next 5 years, says Macquarie
Indian banks are expected to raise over (R1.67 lakh crore) over the next five years to cater to their growth requirements and Basel-III implementation charges, says a report. According to Macquarie, significant equity dilution is expected over the next
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