Power sector financier Power Finance Corporation Ltd has issued its maiden Euro 300 million 7 year Euro Bond issuance on September 13.
The pricing of 1.841 per cent achieved is the lowest yield locked in by an Indian Issuer in the Euro markets.
This is a milestone issuance for PFC and marks many first's for PFC.
It is not only the first Euro bond issuance by PFC but also the first ever Euro denominated Green bond issuance from India. Moreover, it is the first ever Euro issuance by an Indian NBFC and the first Euro bond issuance from India since 2017.
The issuance saw a strong participation from institutional investors across Asia and Europe with a participation from across 82 accounts and was oversubscribed 2.65 times.
Chairman and Managing Director of PFC, R.S. Dhillon stated that the overwhelming response to the issuance reflects international investor's confidence in PFC. This issuance also demonstrates our commitment for achieving India's renewable energy goals. Further, this bond issuance would help PFC in diversifying its currency book as well as the investor base.