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Bond Market News
Greenko Lining Up $1bn Offshore Bond
December 2, 2021
Indian clean energy producer Greenko Energy is said to be planning an offshore bond issuance of as much as $1bn, ET reports. The Hyderabad-based company plans to use proceeds from the new bond to retire a high cost bank loan, expand capacity and/or other business purposes as per sources familiar with the matter. The bond is likely to have a tenor of 5Y or 7Y with a size of $500mn to $1bn. Greenko, which is backed by Singapore’s sovereign wealth fund GIC, has a high yield rating of B+/BB/Ba1. Barclays, DBS Bank, Deutsche, JP Morgan and HSBC are some of the foreign banks that are helping Greenko with the proposed issuance. Greenko has an operational portfolio of 7.5 GW and a pipeline of 15 GW of wind, solar, hydro, and energy storage assets spread across 15 states in India, as per ET.
Greenko’s 3.85% 2026s are currently trading at 101.03 yielding 3.59%.
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