Advanced Theory & Practice of Bonds

Recognized under IBF-FTS | 7-8 June 2022 | 12 CPD Hours

Comprehensive 2-day course on bonds designed for private bankers, wealth managers and advisors.

Greenko Dutch BV raised $940mn via a 5Y non-call 2Y (5NC2) amortizing bond at a yield of 3.85%, 15bp inside initial guidance of 4% area. The senior amortizing bonds have a weighted average life (WAL) of 4.7Y and have expected ratings of Ba1/BB. Greenko Dutch BV is a wholly-owned subsidiary of India’s Greenko Energy Holdings, who is the guarantor on the new bonds. Proceeds will be used to repay its outstanding $350mn 4.875% 2022s and $650m 5.25% 2024s. The issuance set the record for the largest green dollar bond from an Indian corporate, breaking its own record of a $650mn 5.25% green bond due 2024 issued in 2017. The new bonds offered a new issue premium of 11bp over Greenko Solar (Mauritius) Ltd’s 5.95% bonds due July 2026, also guaranteed by Greenko Energy Holdings, that are currently trading at 107.11 yielding 3.74% on the secondary market. Greenko has strong backers with Singapore’s GIC and Abu Dhabi Investment Authority (ADIA) holding a 56% and 14% stake respectively, as per Livemint.

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