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JSW Steel Planning $1bn Bond Issuance
September 6, 2021
Indian steelmaker JSW Steel is said to be lining up a $1bn bond issuance to ramp up capacity and lower funding costs. As per ET sources, JSW has hired Deutsche Bank, Standard Chartered, JP Morgan and BNP Paribas for the proposed issuance, which is expected to launch in the next two weeks in one or two tranches. The sources added that JSW is looking at tenors of 5Y, 7Y or 10Y with a possible ESG tranche, given that the ESG tag typically helps cut borrowing costs. JSW is on track to ramp up its capacity to 38mn tonnes per annum (mtpa) by 2024, which would make it India’s largest steelmaker after Tata Steel that currently has a capacity of 33mtpa and state-owned SAIL that has a capacity of 22mtpa. JSW Steel is currently rated Ba2/BB- with Fitch changing its outlook to positive on the company in May this year.
JSW’s 5.95% bonds due 2026, issued by Periama Holdings at 100 last October, are currently trading at 108.75 yielding 3.86%.
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