IRFC raises 150 mn

MUMBAI, July 28: ANZ Investment Bank has completed a 150 million 7-year floating rate note for the Indian Railway Finance Corporation IRFC, the sole fund raising body for the Indian railways.

This is the second such international bond issue for the IRFC and follows the 70 million 7 year FRN arranged by ANZ Investment Bank last year. This issue was priced at US dollar Libor plus 75 basis points and the spread has been maintained when trading began in the secondary market.

8220;Some issues of this size have struggled to achieve immediate placement in the past, but this one has been extremely well received and very widely placed. This reflects the perception that IRFC is perhaps the strongest credit currently available from India. The deal was priced at 10 basis points inside where IDBI8217;s recent issue is currently trading,8221; Rana Kapoor, general manager, ANZ Investment Bank said in a press release today.