National Bank for Financing Infrastructure and Development (NaBFID) on Wednesday raised around Rs 4,000 crore through two bonds, maturing in five years and 15 years.
NaBFID planned to raise up to Rs 2,500 crore including a green shoe option of Rs 2,000 crore through a 15-year bond. Of which, it raised around Rs 2,460 crore at a cut-off yield of 7.15%. It raised over Rs 1,600 crore through a 5-year bond and cut-off came at 6.86%. It planned to raise up to Rs 3,000 crore including green shoe option Rs 2,000 crore.
Dealers said that cut-off came in better-than-expected for 15 year paper, while cut-off yield was in line with expectation for five year paper. “In the secondary market, 15-year bonds are not that liquid. The level was good for the 15-year bond when secondary market liquidity taken into account,” said a dealer at state-owned bank.
On Wednesday, NaBFID’s 15 year bond was trading at 7.18%. So far in the financial year, NaBFID raised Rs 7,809 crore through bonds maturing in 5 year and 10 year.
