NTPC Ltd.

NTPC is all set to raise around $310 million through an offshore bond issuance on May 12. The bonds will be listed at the London Stock Exchange the same day. This Offshore Medium-term Notes (MTN) is the second Masala Bonds offering by the company within a 12 months period. The first Masala Bonds issuance in August 2016 was for Rs 2,000 crore (around $300 million) as is the current one.

Both the Masala Bonds are of 5 years tenor. The latest Masala Bonds 2017 carry a coupon of 7.25 per cent payable annually with reoffer yield of 7.28 per cent (tightest yet by any Indian Issuer). NTPC Masala Bonds would be the first MTN and the first Masala Bonds to list on the new International Securities Market (ISM).

NTPC is an Indian central Public Sector Undertaking (PSU) under the Ministry of Power, Government of India, engaged in the business of generation of electricity and allied activities.