NTPC Limited (NTPC), the largest power generating company in India, priced US$ 450 million 5 Year bond offering in the international markets under its USD 6 billion Medium Term Note (MTN) Programme on 26th March 2019. NTPC’s US$ 6 billion MTN Programme was set up in 2006 and this issuance was the tenth offering under the Programme taking the cumulative amount raised under the MTN Programme to US $ 4.30 billion.
Having updated the MTN Programme in December 2018, NTPC was well positioned to take advantage of a supportive primary credit market and conducted comprehensive deal roadshow covering in Singapore, HongKong and London from 21st – 25th March 2019 to reach out to a wide range of fixed income global investors and to appraise them about companies’ financials and its future plans. Based on the investors feedback, NTPC launched a USD 450 million senior, unsecured, fixed rate Reg-S 5 year bond transaction with an initial price guidance of Current 5Y US Treasuries yields (CT5) plus 185 bps area on 26th March 2019 (Asia open).
