This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bharti Airtel is considering to raise up to $1bn via offshore bonds and plans to use the proceeds to refinance its debt, strengthen its financial position and cover a part of its 5G investment needs. According to a report, these offshore bonds are likely to have a maturity of 3-5 years. Bharti Airtel, which reported a 1.6% increase in its consolidated net debt in Q1 to roughly $26bn said that it will strive to reduce its debt to levels that are more comfortable and conducive for sustainable growth. If the planned issuance takes place, it would mark Bharti Airtel’s return to offshore bond markets after more than two years. It last issued dollar bonds in February 2021, raising $1.25bn via a $750mn 3.25% bond due 2031 and a 3.975% Perp. The bonds currently yield 5.26% and 8.4% respectively.
Indian dollar bond issuances YTD currently stand at $4.4bn, lower than the $6.825bn over the same period in 2022. The last Indian dollar bond issuance took place on 5 May 2023, where SBI London raised $750mn via a 4.875% bond due 2028, currently yielding 6.6 %. The last Indian non-financial corporate issuance was by ReNew Power on 28 April 2023, raising $400mn via a 7.95% 3NC2 green bond, currently yielding 8.15%.
For more information, click here