On Monday (17 July), Greenko – India’s market leading clean energy company, raised as much as US$ 1 billion in their multi-tranche bond issuance. This would be the largest green bond issuance by a privately held company in Asia, thus far.

Specifics:

• Tranche 1 (5 year):
  • Size – US$ 350 million,
  • Term – 5 year (with non-call period of 2 years),
  • Yield – 4.875%
• Tranche 2 (7 year):
  • Size – US$ 650 million,
  • Term – 7 year (with non-call period of 3 years),
  • Yield – 5.25%

Overall, the deal was oversubscribed by almost 2 times (US$ 2 billion orders), as compared to the actual deal size. Proceeds from this issuance would in part go towards the refinancing of their previous bond sale.

In its holdings, Greenko has a 8% coupon bond of size $ 550 million announced in 2014, which is due to mature in less than 2 years (2019).