JSW Steel on Tuesday is likely to have priced its 5.5-year dollar bonds at close to 5.375%, according to information provided by sources till the time of going to press. The company was looking to raise close to $500 million but the final size of the transaction could not be ascertained.

“The issue was launched with an initial price guidance of 5.5%,” said a source aware of the matter.

Moody’s Investors Service has assigned a Ba2 rating to the proposed senior unsecured notes to be issued by JSW Steel.

The rating outlook is positive, Moody’s said.

Kaustubh Chaubal, vice-president and senior credit officer at Moody’s, indicated in a statement the proposed issuance represents JSW’s second US dollar bond issuance this year and illustrates its proactive approach towards raising long-term finance before incurring capex. “JSW also plans to issue INR debentures and raise foreign currency loans to diversify its funding sources,” he said.

In April, JSW Steel had raised $500 million through five-year dollar notes at 5.95%, according to Bloomberg.

JSW Steel’s bond issue comes after firms like Azure Power Solar Energy, Power Finance Corporation and ReNew Power had tapped the dollar bond market in September.

Meanwhile, Adani Green Energy said its wholly-owned subsidiaries have appointed bankers for its proposed dollar bonds and will be conducting roadshows across Asia, Europe and the United States beginning Wednesday.

“The Notes are expected to be rated BBB- (underlying credit “BBB”) by Fitch and Baa3 by Moody’s,” Adani Green Energy indicated in an exchange statement.

Foreign currency bond issuances from India have already crossed the $16.5-billion mark so far this year, and is well on its way to hit a record high with many firms queuing up to raise funds, bankers say. Some of the firms that may tap the overseas bond market include Indian Railway Finance Corporation and ONGC, which may raise a billion dollars each, according to sources.