REC Limited, a Maharatna and a Central Public Sector Enterprise (CPSE) under the Ministry of Power, has achieved a significant milestone by issuing its inaugural Japanese Yen (JPY) 61.1 billion green bonds under the Global Medium Term Notes Programme.
About the Yen Denominated Green Bonds:
- It is REC Limited’s eleventh venture into the international bond market and inaugural Yen Bond issuance, which is also the first Yen Green Bonds issuance by any Indian PSU.
- Time period: 5-year, 5.25-year and 10-year bonds issued at yield of 1.76%, 1.79% and 2.20% respectively
- It is the largest ever Euro-Yen issuance in South and South East Asia.
- It is the largest Yen-denominated issuance from India.
- Largest non-sovereign Yen-denominated issuance ever from South and South East Asia.
- The transaction witnessed interest from both Japanese and international accounts, with the number of orders from each at 50%, international allocation being one of the highest for any other Indian Yen deal.
- These bonds will be rated Baa3/BBB–/BBB+ (Moody’s/Fitch/JCR) and will be listed exclusively on Global Securities Market of India International Exchange (India INX) and NSE IFSC in GIFT City, Gandhinagar, Gujarat.
Key facts about REC Limited
- REC Limited (formerly Rural Electrification Corporation Limited) is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution.
- It is registered with the RBI as a Non-Banking Finance Company (NBFC), a Public Financial Institution (PFI) and an Infrastructure Financing Company (IFC).