NTPC energises overseas debt market with $500-million issue

The state-run utility NTPC on Wednesday hit the overseas debt market with a benchmark dollar-denominated bond sale issue to raise about $500 million as a part of its $2 billion medium-term note programme. The 10-year fixed-rate unsecured bonds are being sold to global investors except resident Americans (Regulation S notes), multiple sources at the merchant bankers said. This is the third overseas bonds sale by a domestic firm within a week after ICICI Bank's $95 million or 600 million yuan dim sum bond sale last week and Axis Bank's $500 million dollar-denominated bond sale on Monday.