PFC raises $300 million through five year dollar bond

Power Finance Corp raised $300 million via a five-year dollar bond priced at 105 basis points above the US treasury, tighter than the initial guidance of 130 bps, with a final yield of 5.32 percent. The issue attracted an order book of close to $1 billion from investors in Asia, the Middle East and Europe. This is the second such Indian issuance since the RBI opened a 1.5 percent fixed-rate swap window for external commercial borrowings, with SBI, Bank of Baroda and Axis Bank also lined up for similar bond issues this week.