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National Highways Authority Of India

Largest Masala Bond transaction by an Indian Issuer

2017

Transaction Highlights

  • Garnered good interest  of INR 3000 crore at a price yielding 7.30% annually 
  • In spite of an inaugural issuance, NHAI was priced flat to its  domestic levels sans any new issue premium
  • First Quasi Sovereign issuer from the Road and Highways Sector to tap the international bond market
  • Proceeds  would be used for India’s infrastructure projects 

 

Structure of the issue

Issue date 18th May 2017
Issuer NHAI
Format Reg S
Status Fixed Rate, Annual
Type Senior Unsecured
Maturity 5 years
Size INR 30 Billion
Coupon 7.3 % p.a (payable annually)
SBI Capital Markets role Joint lead manager and Joint Book runner
Redemption Currency USD

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