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MUMBAI: India's Bharti Telecom<\/a> is planning to tap the bond market<\/a> after a year's gap, with the company looking to raise as much as 70 billion Indian rupees ($858.32 million) through shorter-tenor bonds, according to a term sheet seen by Reuters on Thursday.
The telecom<\/a> operator, which holds a stake in Bharti Airtel<\/a> , plans to raise funds in three tranches and has invited bids from investors on Friday, three merchant bankers also confirmed.
\"There is a fear of corporate bond yields rising further as the market expects the spread between corporate bonds and government bonds to start widening now,\" said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap<\/a>.
\"Hence, most companies are rushing to lock in fixed-rate instruments.\"
Bharti Telecom aims to raise 15 billion rupees through two-year bonds at a coupon of 8.70% and 25 billion rupees through three-year bonds at an 8.80% coupon.
It also aims to raise 30 billion rupees through three-year bonds at a six-month marginal cost of lending rate, which currently stands at 8.40%, through Kotak Mahindra Bank<\/a> . This issue will have a call option at end of the first and second years.
The company did not immediately reply to a Reuters e-mail seeking comment.
Bharti Telecom will use the proceeds to refinance or service its debt and to pay all fees, costs and expenses related to the issue, according to the term sheet.
Kotak Mahindra Bank is the sole arranger for the bond issue, allotment for which will happen on Nov. 21.
The notes are rated AA+ by CRISIL<\/a> and continue to factor in the healthy market value to debt cover of the company as well as its robust financial flexibility, driven by the strong reputation of its promoters, the rating agency said.
\"We could witness telecom companies tapping the bond market. During the initial spectrum payments, these entities preferred to tap the CP market to complete the process and most likely they are trying to refinance their CP instruments,\" Srinivasan added.
Bharti Telecom commercial papers, worth around 116 billion rupees, are due to mature over the next few weeks, according to an ICRA rating document.
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巴帝电信表盘债券市场经过一年mln计划为850美元
的电信运营商Bharti Airtel持有的股份,计划筹集资金在三个不同的部分,并已邀请投标从投资者周五,三个商人银行家也确认了。
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孟买:印度的巴帝电信计划开发债券市场经过一年的差距,与该公司希望筹集高达700亿印度卢比(合8.5832亿美元)通过shorter-tenor债券,根据周四路透社看到的一份投资意向书。
的电信运营商,该公司持有的股份Bharti Airtel,计划筹集资金在三个不同的部分,并已邀请投标从投资者周五,三个商人银行家也确认了。
“有一种恐惧的企业债券收益率进一步上升随着市场预计公司债券和政府债券之间的利差扩大现在开始,“说Venkatakrishnan Srinivasan,创始人和管理咨询公司合伙人的债务Rockfort Fincap。
“因此,大多数公司都急于锁定固定利率工具。”
Bharti电信旨在通过两年筹集150亿卢比债券的票面利率8.70%,通过三年250亿卢比债券票面利率为8.80%。
它也旨在通过三年筹集300亿卢比债券的边际成本6个月贷款利率,目前为8.40%,通过科塔克马辛德拉银行。这个问题将会有一个看涨期权在第一学年和第二学年结束。
该公司没有立即回复寻求置评的路透社的电子邮件。
巴帝电信将使用收益或服务其债务进行再融资,将支付所有费用,成本和费用相关问题,根据词表。
Kotak Mahindra债券发行银行是唯一的编曲,分配将发生在11月21日。
notes被评为AA +CRISIL的健康的市场价值,继续因素债务公司的封面以及强劲的财务灵活性,由发起人的良好声誉,评级机构说。
“我们可以见证电信企业利用债券市场。在最初的频谱支付,这些实体优先进入CP市场完成过程和最有可能他们正试图再融资CP工具,”斯补充道。
巴帝电信商业报纸,价值约1160亿卢比,将在未来几周内到期,据评级举行一个“国际机器人与自动化会议”文档。
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