Three companies line up $1-billion bond issues overseas
At least three Indian companies plan to raise more than $1 billion combined by selling dollar bonds to international investors this week, people aware of the details said.
Tata Group's non-banking arm Tata Capital ($300 million), Prem Watsa-backed IIFL Finance ($300 million) and Anil Agarwal's Vedanta Resources ($500 million) are ready to hit the market, as they seek to stay away from the market in the initial weeks of the Trump presidency, these people said. The first issue is likely to happen as early as Monday.
«It is logical to assume that there will be some volatility in the markets after Trump takes charge given the changes he has promised. So, it is fair to say that the coming week could see two or three bonds priced from India if not more,» said a person aware of the plans by these companies.
Tata Capital has sounded off investors and banks last week and is set to price its first dollar bond abroad with a 3.5-year maturity to raise $300-$400 million, depending on the market demand.
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