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Bond Market News
JSW Hydro Raises $707mn via 10Y Bond at 4.125%
May 11, 2021
JSW Hydro Energy (JSWH) raised $707mn via a debut 10Y non-call 5Y (10NC5) green bond at a yield of 4.125%, 37.5bp inside initial guidance of 4.5% area. The bonds have expected ratings of Ba1/BB+, and received orders over $3bn, 4.2x issue size. Asia took 64%, EMEA 22% and the US 14%. Fund/asset managers took 82% of the bonds, sovereign wealth funds/insurance companies/pension funds 17% and banks/private banks/others 1%. Proceeds will be used to repay green projects-related rupee-denominated debt. The bonds are sinkable and have a weighted average life of ~7.12Y. As per Moody’s, holders of the new bonds will benefit from a majority pledge over JSWH’s shares and the first ranking pari passu charge over project accounts, movable and immovable assets and project documents, including power purchase agreements. “The extremely strong response to the issue, especially in the current environment, is testament to the quality of the issuer and the confidence that overseas investors continue to repose in high-quality issuances out of India,” said Amrish Baliga, MD at Deutsche Bank.
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