SMFG India Credit to issue 3-year floating rate bonds, bankers say
India's SMFG India Credit Company plans to raise up to 14 billion rupees ($157.92 million), including a greenshoe option of 5 billion rupees, through the sale of three-year floating-rate bonds, two bankers said on Monday.
The coupon rate will be a spread of 161 basis points over 12-month overnight index swaps, they said. It has invited commitment bids for the issue on Tuesday.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on November 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SMFG India Credit | 3 years | 161 bps over mibor overnight index swaps | 9+5 | November 11 | AAA(Crisil) |
Kotak Mahindra Prime | 2 years 10 months | 7.09 | 7 | November 11 | AAA (Crisil) |
Bajaj Finance Sept 2030 reissue | 4 years and 11 months | 7.25 (yield) | 10+20 | November 11 | AAA (Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 88.70 Indian rupees)