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REC Plans Rs 1500 cr NCD Issue at 9.28%

State-run power financier Rural Electrification Corp will enter the capital market to raise . 1,500 crore in five-year non-convertible debentures in a day or two, a senior executive said. REC has finalised a 9.28% coupon and plans to strike swap deals of equivalent amount to reduce the effective cost.

REC's director (finance) HD Khunteta said the corporation is looking to reduce cost by around 150 basis points by doing interest rate swap deals with banks. REC will swap the fixed coupon for a six-month or one-year Japanese yen-denominated Libor rate. After the swap deal, REC will receive 9.28% a year from the counter-party and pay six-month or one-year yen Libor plus a spread.

An investment banker close to the development said REC will certainly save cost in the first year as yen Libor rates remained low. But the situation may change from next year if the interest rate in Japan rises. Again, at the end of the swap period, REC will face an exchange rate risk.

REC said minimum investment will be . 200 crore per bidder for this issue, which will be listed on the wholesale debt segment of the National Stock Exchange. The power financier will pay the coupon semi-annually. Investment bankers said the REC's offer is in line with market rates. A comparable REC 2016 paper was traded at 9.28% on Wednesday, while 2015 PowerGrid paper was traded at 9.25%.
The company has also done road shows for its proposed $200-million Swiss bond issue and is waiting for investors' response.

Meanwhile, Export Import Bank of India also plans to enter the bond market to raise a minimum . 125 crore for three years at 9.25% annually. There is an unspecified green shoe option attached to the issue.

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