NaBFID eyes up to 100-bln-rupee maiden bond issue in Jun, sources say

Informist, Tuesday, Jun 6, 2023


–Sources: National infra financing bk plans up to 100-bln-rupee bonds

–National infra financing bk may seek bids for bonds this mo


By Subhana Shaikh


MUMBAI – National Bank for Financing Infrastructure and Development, also known as NaBFID, plans to tap the debt market with its maiden bond issue, worth up to 100 bln rupees, this month, sources aware of the development told Informist.


The bond issue of the infrastructure financing bank will have a base size of 50 bln rupees and a greenshoe option of another 50 bln rupees. According to merchant bankers, the issue is likely to get uploaded on the electronic bidding platform on Thursday.


"EBP (electronic bidding platform) after the NSE in-principle approval is received. Mostly EBP is on Jun 8, and it will be confirmed shortly," said a source in the know of the matter.  


The bonds are rated 'AAA' by CRISIL Ratings and ICRA. The company will raise funds through bonds maturing in 10 years, which will carry a coupon on an annual basis.


Merchant bankers believe the company expects to issue these bonds at par or slightly better rates offered by Power Finance Corp or REC's 10-year bonds. According to data sourced from National Securities Depository of India Ltd, Power Finance Corp's 7.62%, Jul 15, 2033 bond was quoted at 7.4050% yield in the secondary market of corporate bonds as at 1200 IST. The company had raised 21.02 bln rupees through these bonds in April.


Meanwhile, yield on the government's 10-year benchmark 7.26%, 2033 bond was at 6.98% today.


NaBFID was incorporated on Apr 19, 2021 as a development financial institution regulated by the Reserve Bank of India. The company is regulated and supervised as an All India Financial Institution by the RBI under the Reserve Bank of India Act, 1934.


The company has been primarily set up to support long-term infrastructure financing in India, including the development of bonds and derivatives markets necessary for infrastructure financing.  End


Edited by Vandana Hingorani



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