IRFC becomes first CPSE to list Green Offshore Bonds at Indian stock exchanges

NEW DELHI: Indian Railway Finance Corporation Limited (IRFC), the dedicated market borrowing arm of the Indian Railways, on Thursday launched its $500 million 144A/Reg S $Bonds under the 7 billion Global Medium Term Note (GMTN) Programme rated at par with the sovereign, with exclusive listing at India INX and NSE-IFSC.

IRFC is the first Central Public Sector Enterprise (CPSE) to list its offshore bonds exclusively at Indian stock exchanges established in the GIFT City, Gandhinagar. The bonds were issued in a single tranche of 10 year. The order book of the $500 million 10-year tranche was over-subscribed to the tune of 2.4 times. In the current highly uncertain volatile conditions, the bonds have been priced very tightly over the 10-year benchmark UST on account of superior credit quality of IRFC. Even in volatile market conditions this year, IRFC managed to price the deal at negligible new issue concession over their existing secondary. The captioned bonds issuance received strong response from USA, Asia, Europe and EMEA.