PFC issues £300-mn Euro green bond

Leading power sector lender Power Finance Corporation (PFC) has issued its maiden Euro green bond of £300 million. The seven-year tenure Euro bond issuance was at the pricing of 1.84 per cent. PFC said this was the lowest yield locked in by an Indian issuer in the Euro markets.

“It is not only the first Euro bond issuance by PFC but also the first-ever Eurodenominated green bond from India. Moreover, it is the first Euro issuance by an Indian NBFC and the first Euro bond issuance from India since 2017,” PFC said in a public statement.

With this, PFC has forayed into the European market for its global fundraising. The firm said the issuance saw participation from institutional investors in Asia and Europe from across 82 accounts and was oversubscribed 2.65 times. R.S. Dhillon, chairman and MD, said the bond issuance would help the firm manage the renewable energy portfolio.