SBI Prints $400mn Formosa at 2.496%; First Ever Formosa by an Indian Issuer
State Bank of India (SBI) raised $300mn via a 5Y formosa bond at a yield of 2.496%, 30bp inside the initial guidance of T+130bp area. The bonds have expected ratings of BBB-/BBB- (S&P/Fitch), and received orders over $1bn, 3.3x issue size. SBI is the first Indian...
DIAL, GMR Airport Bonds Down 3-4 Points
Dollar bonds of Indian airports like Delhi International Airport Ltd (DIAL) and GMR are down 3-4 points in the week. The moves come after the new Covid variant Omicron which has seen some airlines cut their capacity. For example, Vistara, the airline JV between Tata...
Vedanta Planning Offshore Issuance of Up to $1bn
Vedanta Resources Ltd. (VRL) is planning to issue 3Y or 5Y offshore bonds worth up to $1bn to refinance debt and reduce funding costs. Vedanta has a $1bn 6.375% bond due July 30, 2022. The issuance is expected in the next couple of weeks. “Companies like Vedanta...
Amazon to Appeal Arbitration Halt in Supreme Court
Amazon has petitioned India’s Supreme Court to lift the halt on an arbitration case against Future Retail’s asset sale to Reliance Retail. This comes after Future Retail moved the high court to stop the arbitration by Singapore’s tribunal proceedings....
