PFC raises $400 mn via Green Bonds

India Business Journal - - NEWS ROUND-UP -

on gov­ern­ment fund­ing. Last month, at least three PSBs, in­clud­ing Pun­jab Na­tional Bank (Rs 5,000 crore), Union Bank of In­dia (Rs 2,000 crore) and Syn­di­cate Bank (Rs 1,150 crore), had to­gether raised over Rs 8,000 crore. This was a part of the Rs 2.1-lakh crore re­cap­i­tal­i­sa­tion pack­age an­nounced by the Cen­tre.

PFC, a gov­ern­ment-owned NBFC, has raised $400 mil­lion through its maiden Green Bond is­sue. The bond is­sue has at­tracted di­verse par­tic­i­pa­tion from in­vestors across Asia and Europe. PFC has priced the 10-year bond at a fixed rate coupon of 3.75 per cent. The pric­ing of the bond saw a tight spread of 157.5 ba­sis points over the 10-year US Trea­sury. The bond is be­ing listed on Lon­don Stock Ex­change and Sin­ga­pore Stock Ex­change. Dur­ing the last three years, PFC has seen a sig­nif­i­cant jump in its re­new­able busi­ness with loan dis­burse­ments grow­ing by five times.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.