On September 13, Power Finance Corporation (PFC) issued its first €300 million 7-year Euro Bond, which was oversubscribed 2.65 times by institutional investors from Asia and Europe, according to a statement released on Thursday. According to the company, the 1.841 percent yield obtained is the lowest yield ever locked in by an Indian issuer in the Euro markets.
“This is not just PFC’s first Euro bond issue, but also India’s first Euro-denominated Green bond issuance. It is also the first Euro issue by an Indian non-banking finance company (NBFC) and the first Euro bond issuance from India since 2017,” according to the press release.
“International investors’ trust in PFC is reflected in the tremendous response to the offering. This issue also shows our commitment to helping India meet its renewable energy targets. Furthermore, this bond issue would assist PFC in diversifying its currency book as well as investor base,” stated RS Dhillon, Chairman and Managing Director of PFC.
Source: Business Line