Mumbai: GMR Infra-controlled Delhi International Airport (DIAL) on Tuesday raised $289 million through a considerably oversubscribed bond issue, also the first high-yield paper in Asia this year, in a sign that global investors are now taking a fresh positive look at Indian infrastructure.
"It's a landmark development for the Indian infrastructure sector," said a senior GMR executive who didn't want to be named. DIAL issued the notes, of 7-year tenure at a fixed coupon rate of 6.125%. It entails a bi-annual interest payment. The bond offering attracted $5 billion interest from investors.
"This is the first USD bond offering for a marque infrastructure asset from India under the public-private partnership model and the first corporate high yield bond in Asia in 2015. The investor response was impressive, as the offering got several times oversubscribed and included several high quality investors, demonstrating the strength of the DIAL credit story and the interest by global investors in Indian paper," said Neville Fernandes, head of dept capital markets origination, Citi India.
28/01/15 Anirban Chowdhury & Arijit Barman/Times of India
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"It's a landmark development for the Indian infrastructure sector," said a senior GMR executive who didn't want to be named. DIAL issued the notes, of 7-year tenure at a fixed coupon rate of 6.125%. It entails a bi-annual interest payment. The bond offering attracted $5 billion interest from investors.
"This is the first USD bond offering for a marque infrastructure asset from India under the public-private partnership model and the first corporate high yield bond in Asia in 2015. The investor response was impressive, as the offering got several times oversubscribed and included several high quality investors, demonstrating the strength of the DIAL credit story and the interest by global investors in Indian paper," said Neville Fernandes, head of dept capital markets origination, Citi India.
28/01/15 Anirban Chowdhury & Arijit Barman/Times of India
