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How PFC get record $5 demand against $1 bn offshore bond sale

Government-owned Power Finance CorporationNSE 1.25 % (PFC) raised $1 billion in overseas bond sales, which obtained record subscription for a non-banking finance company from India. This is the largest such issuance after the ruling combine came back to power with a bigger majority. The bond sale received demand for about $5 billion against which the company retained only the targeted sum. PFC had to increase the actual size of the bond sale due to the huge oversubscription. The company would use the money to lend in the power sector. The bonds mature in five and ten years. They were priced after adding 195 basis points and 242.5 bps over and above US Treasury yields for similar maturities. A basis point is a hundredth of a percentage point.....

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