Power Finance Corporation’s (PFC) 300-million-euro Eurobond was subscribed by 2.65 times, with strong participation from institutional investors across Asia and Europe. PFC’s maiden, seven-year Eurobond was priced at a yield of 1.841 per cent, the lowest yield locked in by an Indian issuer in the Eurozone markets, the country’s leading non-banking financial company (NBFC) said in a media release on Thursday.

This was a milestone issue for PFC, and it marked many firsts for the company. Apart from being the first Eurobond issue by PFC, it was also the first-ever, Euro-denominated, green-bond issue from India. It was also the first-ever Eurobond issue by an Indian NBFC and the first Eurobond issue from India since 2017, PFC’s release added. 

“The overwhelming response to the issuance reflects international investors’ confidence in PFC. This issuance also demonstrates our commitment for achieving India’s renewable energy goals. Further, this bond issuance would help PFC in diversifying its currency book as well as the investor base,” said PFC Chairman and Managing Director R S Dhillon.

“I am proud to see that PFC has successfully forayed into the European market for its international raising and has concluded the inaugural Eurobond issuance at attractive terms and pricing,” noted PFC Director (Finance) Parminder Chopra.