REC LIMITED SUCCESSFULLY RAISES 3-YR USD 500 MN BONDS, FIRST USD CROSS BORDER ISSUANCE OUT OF INDIA SINCE COVID-19

REC Limited, a Government of India PSU and one of India’s largest power financiers, opened up the USD market for Indian issuers in the wake of COVID crisis…

rec limited
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– The Electrical India Content Team

REC Limited, a Government of India PSU and one of India’s power financiers, opened up the USD markets for Indian issuers in the wake of COVID crisis, the company stated via a press release. In the lead up to the issuance, REC was actively monitoring markets, waiting patiently for an opportune window. With the global lockdown fears receding somewhat and liquidity coming back to the Asian markets, on 12th May 2020, REC pulled the trigger and tapped the offshore debt markets, making it the first issuer from India since 5th March 2020. The paper was strongly received by investors, with books rapidly crossing USD 2 Billion across Asia and Europe. US investors too came in strongly, with REC finally receiving subscription of more than 5-times of the actual issue size, through 175 investors.

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