India's REC accepts bids for 5-yr dollar denominated green bonds, bankers say
MUMBAI, Sept 24 (Reuters) -India's REC RECM.NS has accepted bids worth $500 million through the sale of five-year dollar-denominated green bonds, two bankers said on Tuesday.
The state-run financier sold these bonds at a spread of 127.5 basis points over similar maturity U.S. Treasury yield, and this was inside the initial guidance of Treasury plus 160 bps.
It will offer a yield of 4.8090% and the proceeds will be used for eligible projects in line with REC's green finance framework.
The notes will be rated Baa3/BBB– (Moody's/Fitch), in line with the issuer's rating.
Barclays Bank, DBS Bank, HSBC, Mizuho, MUFG and Standard Chartered were the joint lead managers for the bond issue.
Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee
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