Indian firms rush to raise $3 bln in debt as yields plunge ahead of RBI review
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- ✓Indian companies are rushing to raise $3 billion in debt as bond yields fell ahead of the Reserve Bank of India’s December policy review.
- ✓Nishchay Nath of BondScanner said, "The recent fall in yields has given borrowers an opportunity that was not available in September and October." Many firms joined.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
MUMBAI, Nov 11 (Reuters) - Indian companies are rushing to tap the bond market after a sharp fall in yields opened a window for cheaper borrowing ahead of the Reserve Bank of India's December policy review, five merchant bankers said on Wednesday.
Companies, including state-run firms and non-banking lenders, are set to raise about 280 billion rupees ($3 billion) through bond sales in the rest of November, they said.
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Tata Capital, Aditya Birla Capital, NIIF Infra Finance, NABARD, SIDBI, HUDCO and REC are among potential issuers.
Firms raised about 350 billion rupees in the first 10 days of November, after fundraising fell to a six-month low of 609 billion rupees in October, Prime Database data showed.
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