July 2, 2012 / 10:41 AM / 5 years ago

India's corporate debt pipeline, as of July 02

MUMBAI, July 02 (Reuters) - The following list contains details of recently-issued corporate
bonds. A list of the latest announced details is attached at the bottom.
     
 Issuer            Size       Coupon     Maturity   Rating      Open/close       Total raised   
                      
                (bln rupees)  (in pct)   (years)                                 (bln rupees)

ISSUES OPEN
--------------                                                                
SHRIRAM EQUIPMENT    2        10.60      3         AA+ CARE       -
FINANCE                                  AA CRISIL  

NABARD               2*       9.35       3         AAA CRISIL     -  
    
POWER GRID CORP      10       9.35       16        AAA CRISIL    June 26
                                          LAAA ICRA
    
DENA BANK  8.5      9.23       15            -           -   

PNB HOUSING           3       9.25       10        AA CRISIL     June 25 - June 27
FINANCE 
  
HDFC        2*      9.55        5       AAA CRISIL       -  
    
IDFC              2       9.80       14-month       -
    
IDFC                  2       9.71        2              -
    
NABARD                2*      9.3970      1.5     AAA CRISIL       -   
  
NABARD               12       9.40    4-yr 48-day AAA CRISIL       -
  
LIC HOUSING           3*      9.75       40-month AAA CRISIL       -      
 
  
LIC HOUSING           2*      9.80       28-month AAA CRISIL       -
        
    
NEEPCO                -       9.25        7
    
HPCL-MITTAL           5      4.00         10       AA FITCH         - 
ENERGY
  
L&T FINANCE           3      10.l5        2        AA+ CARE         June 8
HOLDINGS 
    
NATIONAL HOUSING    --     9.55-9.65    3
BANK                       Put/call option at the end of 366 days    
    
NABARD               2*      9.33        5        AAA CRISIL       - 
    
TATA SONS            1.5*    9.69        10       AAA CRISIL       -  
  
TATA MOTOR FIN       1*      10.40       2-,3-yr   AA-CRISIL        -  
  
IDFC       2*      9.75        25 month AAA FITCH        - 
    
LIC HOUSING          2*      9.70        5        AAA CRISIL      June 8                        
         
 
  
HDFC       5*      9.70        5        AAA CRISIL      June 7  
  
RECENTLY CLOSED
-------------------
YES BANK   4       10.50      T1        AA- CARE       June 25 
                                                  AA- ICRA
                                   Call option after year 10  
YES BANK   600mln  10.25      UT2       AA- CARE       June 25      
                                                  AA- ICRA 
      
POWER GRID CORP      10      9.35       4yr-16yr  A CRISIL                    39.975  
                                         A ICRA   

HDB FINANCIAL      850 mln* 10.10       5         AA CARE         June 11         
SERVICES 

POWER FINANCE       1.5     9.40,       5, 10                     June 22      30.00   
CORP              9.39        put/call 7yr for 10yr bond
           
NABARD              2*      9.50        3          AAA CRISIL      June 4       10.00

HDFC                3*      9.85        3          AAA CRISIL      June 5        5.00           
     

IREDA               3       9.49        10         AAA (SO)        May 31        3.00    
                                                     CARE  
  
LIC HOUSING         2*      9.75        5          AAA CRISIL      June 5        2.50           
                                                                                 
  
        
NABARD             2*       9.40        5          AAA CRISIL      May 24        4.40   
  
HDFC     2.5*     9.85        3          AAA CRISIL      May 28        2.60

STEEL AUTHORITY    2.5*     9.30        10         AAA CRISIL      May 25        3.80           
OF INDIA                      redemption in 5 equal installments  
  
IL&FS               1        9.80       10         AAA CARE        May 30        4     

NIRMA              1.5       10.50      2          AA CRISIL       May 31        1.5  
  
TATA MOTORS        5*        10         5-, 7-yr   AA- CRISIL      May 25        5  
 

TATA SONS          1.5*      9.85       5          AAA CRISIL      May 21        3.10 
      
LIC HF   1.5*      9.90       2          AAA CRISIL     
  
NABARD             2*        9.46       3          AAA CRISIL      May 21        2.00  
     
HDFC     2         10        1 yr, 1 day AAA CRISIL      May 16        2.30 
     
TATA MOTORS        2*        10.40      2,3        AA- CRISIL
      
LIC HF   2.5*      9.70       5          AAA CRISIL    
    
IDFC     1*        9.77       18-month   AAA FITCH       May 15         1     
  
EXIM               2.5*      9.30       10         AAA CRISIL      May 11         7.67
                        
BHARAT EARTH       3         9.24       10         LAA+ ICRA       May 14         3 
MOVERS LTD          semi    redeemed in 8,9,10th year
    
HDFC     2         9.50       10         AAA CRISIL      May 9          2 
        
ADITYA BIRLA FIN   2.5*      10.50      10         AA CARE         May 2/May 16   2.5    
                                            sub debt
GODREJ CONSUMER    500 mln   9.80       18         AA ICRA         April 27       0.5
 
HDFC     5         9.97       15-month   AAA CRISIL      May 7          5.75  
        
LIC HOUSING FIN    2.5       9.85       2          AA + CARE       May 3          2.6
 
  
L&T INFRA FIN      2         9.90       10         AA + CARE       May 1          2
                                            sub debt  
NTPC Ltd 5*        9.25       15         AAA CRISIL      May 4          5
                                            STRPP 11th yr        
    
IDFC     2.5*      9.95       13-,       AAA FITCH    
                                        14-mnth  
      
INDIAN OIL 10*       9.35       5          AAA FITCH       April 26       12.95 
                                             put/call 3 yr
               
L&T IDPL           1.8       10.06      10         AA ICRA         April 27       1.8    
 
TATA SONS          2.5*      9.54       10         AAA CRISIL      April 25       2.5  
             
TATA STEEL         15        9.80       10         AA+ CARE        April 23       15
    
INDIAN OIL 10        9.35       3          AAA FITCH       April 26       10    
    
HINDALCO 30        9.55       10         AA+ CRISIL      April 25       30         
  
POWER FIN          1.5*      9.61 semi  5          AAA CRISIL      April 24       47
                             put/call 18 month
    
HDFC               3.5*      9.70       3          AAA CRISIL      April 16       7.5
    
IDFC     5*        9.87-9.88  5-yr,      AAA FITCH       April 16       8.5   
                                        3 month   
                                             Put/call 15 month,5-yr 4 month Put/ call 16 month
LIC HOUSING FIN    2*        9.90       3          AAA CRISIL      APRIL 11       4  
                                                                                      
                 
L&T FINANCE        1.25      9.80       2          AA + CARE       
HOLDINGS 
  
HDFC               2*        9.60       1yr, 1 day AAA CRISIL      April 23       5 
HDFC               2*        9.80       1yr, 1 day AAA CRISIL      April 18       5     
  
  LATEST ANNOUNCEMENTS
  ---------------------
  * State Bank of India plans to raise at least $500 million through a five-year
overseas bond sale as soon as this month, two sources with direct knowledge said, potentially
reopening the dollar bond market for Indian issuers after a lull of four months. 
  * Yes Bank has wrapped up two separate bond trades. The bank settled on June 25 a
1.4 billion ($24.5 million) perpetual bond deal paying a coupon of 10.50 percent. The bonds have
a call option after year 10. The bank also did a 600 million Upper Tier -2 deal paying a coupon
of 10.25 percent. (IFR) 
  * Shriram Equipment Finance Co. is raising 2 billion rupees ($34.9 million) from a
3-year bond that will pay a 10.60 percent coupon. (IFR) 
  * Power Grid Corp, an Indian state-run transmission utility, has raised 39.975
billion rupees ($700 million) from its latest bond sale at 9.30 percent. The pricing came at a
coupon of 9.35 percent with a base size of 10 billion rupees.(IFR) 
  * India drug maker Piramal Healthcare is planning to  raise 5 billion rupees via
dual-tranche commercial papers at 9.25 percent. 
  * India's LIC Housing Finance is planning to raise at least 1 billion rupees ($17.51
million) in 3-year bonds at a 9.75 percent coupon, a source with direct knowledge of the matter
said on Tuesday. 
  * Hindalco Industries, a unit of India's Aditya Birla Group, is poised to announce a
15 billion rupees bond sale.Crisil assigned an AA+ rating to the bond. (IFR) 
  * National Bank for Agriculture and Rural Development has priced a 2 billion rupees ($35.3
million) 3-year bond sale at 9.35 percent. The issue has an unspecified greenshoe
option.(IFR) 
  * HDB Financial Services has raised 850 million rupees ($15 million) from a 5-year
bond sale, including a greenshoe of 200 million rupees. The bonds will pay 10.10 percent coupon
annually. The issue, which opened on June 7, closed and settled on June 11.(IFR) 
  *  State-run Power Finance Corp closed its dual-tranche bond issue at over 30
billion rupees ($531 million) last Friday. (IFR) 
  * Power Grid Corp, an Indian state-run utility, is launching a bond issue on Monday
to raise at least 10 billion rupees, a senior company source with direct knowledge of the deal
said on Friday. 
  * Sole bookrunner SBI Caps closed a 8.76 billion ($155 million) project finance loan for
Jabalpur Transmission Co Ltd (JTCL). The loan, which matures in June 2026, was signed on June 11
by six banks.(IFR) 
  * India's Ashok Leyland plans to raise 3 billion rupees ($53.50 million) via dual
tranche bonds, a source with direct knowledge of the deal said on Friday. 
  * Power Finance Corp has released a request for quotation this afternoon for a
dual-tranche bond. The company was expected to put out the RFQ on Wednesday but held back.
Twenty-one arrangers have been asked to bid by 5pm India time on Thursday day for a 5-year plain
vanilla bond and for a 10-year bond with a put/call at the end of 7-years. (IFR) 
  * Two state-run companies have called meetings with arrangers for potential rupee bond sales.
Steel Authority of India was meeting arrangers on Tuesday, while Power Grid Corp of
India will meet bankers on Wednesday to discuss its potential bond
plans.(IFR) 
  *  Dena Bank has raised 8.5 billion ($152 million) from the sale of Lower Tier 2
bonds. These 15-years bonds with a call at the end of year 10 were priced on June 15 at 9.23
percent.(IFR) 
  *  State-owned [Airports Authority of India] is close to scrapping its 5 billionn rupees
($89.7 million) dual-tranche bond sale after bids failed to meet its targeted
pricing.(IFR)     
  * State-owned Airports Authority of India has invited bids from six banks for a 5 billion
rupees ($89.7 million) dual-tranche issue consisting of a plain 5-year and a 5-year with
put/call option at the end of the third year. The bonds have a local "AAA"
rating.(IFR) 
  * PNB Housing Finance priced its 3 billion rupee ($54m) 10-year bond sale at a 9.25
percent semi-annual coupon. The issue will open for subscription from June 25 to 27. AK Capital,
Axis Bank, Darashaw, Kotak Mahindra Bank, I-Sec PD and Trust Capital are the arrangers.(IFR)
 
  * HDFC has priced a 2 billion ($36 million) 5-year bond at 9.55 percent. The sale,
arranged by Yes Bank, has an unspecified greenshoe. (IFR) 
  * Indian metals maker Sterlite Industries has postponed its plans for an up to 24
billion rupee ($439 million) bond sale. Earlier this week the company had received bids for the
two-part bond which did not match its expectations. (IFR) 
  * IDFC has priced two deals separately. A 2 billion rupees ($6m) 14-month deal was priced via
ICICI Bank, yielding 9.80 percent. A second deal, also of 2 billion rupees is a 24-month paper
with a yield of 9.71 percent. This was arranged via Deutsche Bank.(IFR) 
  * State-run National Bank for Agriculture and Rural Development did two separate deals on
Tuesday. The first one was a minimum 2 billion rupee 18-month sale with a greenshoe. The bonds
pay 9.3970 percent coupon and yield of 9.47 percent. (IFR)
    The issue has reached 3.7 billion rupees with Deutsche Bank (2 billion rupees), ING Vysa(700
million rupees), Axis Bank (500 million rupees) and ICICI Bank (500 million rupees) joining as
arrangers. (IFR)
    Nabard also did a jumbo 12 billion rupee 4-year 48-day deal with Trust Capital as the
arranger. The bonds paid 9.40 percent, with EPFO as one of the big investors in the deal. (IFR)
    * LIC Housing Finance priced a 40-month 3 billion rupees 9.75 percent deal plus a greenshoe,
sold via ICICI Bank and I-Sec PD. The deal settles on June 18. It also did a 28-month bond sale
at 9.80 percent and a minimum size of 2 billion rupees with a greenshoe. (IFR) 
  * Bids have been placed for a 7-year issue for North Eastern Electric Power
Corporation(Neepco). It is believed that Axis Bank bid the tightest at 9.25 percent semi-annual
for the AA- rated Neepco bonds. (IFR) 
  * HPCL-Mittal Energy and its wholly-owned subsidiary HPCL-Mittal Pipelines are turning to the
bond markets to meet their capital expenditure needs with each company lining up a 5 billion
rupees 10-year bond sale. (IFR) 
  * L&T Finance, owned by engineering and construction major Larsen & Troubro, has
priced an 3 billion rupees (USD54m) 2-year bond at 10.15 percent. (IFR) 
  * National Housing Bank is looking to do a 3-year bond with a put/call option at the end of
366 days. The bank is looking at a range of 9.55%-9/65%, according to a banker. (IFR)
 
  * Indian metals maker Sterlite Industries is in talks with bankers to raise as much 
as 25 billion rupees ($451.3 million) via bonds, proceeds of which will go to its unit Sterlite
Energy. 
  *  Power Grid Corp, an Indian state-run transmission utility, is planning to borrow
at least 10 billion rupees via bonds. 
  *  Tourism Finance Corp plans to raise up to 1.5 billion rupees ($27.01 million) via
10-year bonds at 9.95 percent. [ID: nL3E8H53NH] 
  * India's Rajasthan State Road Transport Corp is planning to raise up to 5 billion rupees 
($90.04 million) in 10-year bonds at 9.70 percent semi-annual coupon. 
  * Indian developer Emaar MGF Land raised 22.6 billion rupees ($404.37 million) through a
private placement of bonds with a coupon of 11.25 percent.  
  * India's Power Finance Corporation may raise 25 billion rupees ($447.31 million)
via perpetual bonds for capital adequacy purposes. 
  * India's HPCL-Mittal Pipelines plans to raise 5 billion rupees ($89.04 million) in a bond
sale, and is currently in talk with bankers. 
  * India's Rural Electrification Corp has invited bankers on Friday to discuss plans
to raise up to 20 billion rupees ($356.35 million) through bonds. The firm has fixed a coupon of
9.35 percent for both its 10- and 7-year bond tranches.    
  * GMR Highways, a unit of GMR Infrastructure, has raised 3.75 billion rupees ($67.19
million) in two-year bonds, paying  a coupon of 12.35 percent semi-annually.  
  * Aegis Logistics has raised 250 million rupees ($4.48 million) through 8-year bonds
at 10.20 percent, a source directly involved in the deal said on Wednesday. 
  * India's state-owned gas utility GAIL India Ltd fixed a coupon of 9.14 percent for
a bond sale that could raise up to 7.5 billion Indian rupees $135.06 million).
 [ID: nL4E8GT553] 
  * India's Power Finance Corporation has invited bids from Tuesday for an at least
1.5 billion rupee ($27.54 million), dual-tranche bond issue, a term sheet seen by Reuters
showed. 
  * Haryana Vidyut Prasaran Nigam is planning to raise up to 5 billion rupees ($91.76 million)
via bonds, a term sheet obtained by Reuters showed on Thursday. 
  * IFCI Ltd is planning to raise at least 1.5 billion rupees ($28.54 million) through
a private placement of unsecured bonds, according to a term sheet obtained by Reuters.
 
  * Indian Hotels Co Ltd is looking to raise 2 billion rupees ($38.79 million) in 
unsecured five-year bonds.                                          
 ----------------------------------------------------------------------------------------------
  *-Issue has a greenshoe option to retain over subscription.
  **-Final book not yet compiled.
  LT2-Lower Tier II bonds
  UT2-Upper Tier II bonds
  T1- Perpetual Tier I
  # semi-annualised coupon
  NCD - Non-convertible debentures
  For news on debt issues, Reuters 3000 Xtra users can double click on one of the 
following:
  Indian bond issuances            
  Asia debt news                   
  India Corporate debt pages on Reuters: 
  Spreads over Indian federal bonds      
  Indian secondary corporate bond deals  
  Secondary market Indian CP Prices      
  India Certificates of Deposit page     

 (Compiled by Madhura Karnik)

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