Tata Capital Secures $400 Million in Maiden USD Bond Offering

16 Jan 2025 CW Team

The bonds, with a 3.5-year tenure, carry an interest rate of 5.389%. As a Regulation S (Reg S) issuance, they are exempt from registration with the US Securities and Exchange Commission.

Rajiv Sabharwal, Managing Director and CEO, Tata Capital, expressed gratitude for the exceptional investor response, stating, “This debut USD bond issuance reflects the confidence of global investors in Tata Capital’s robust credit profile, supported by our focus on a diversified and granular loan book. The transaction will strengthen our liability management and broaden our funding sources.”

Tata Capital engaged with investors in Hong Kong, Singapore, and London, launching the transaction with an initial price guidance of UST + 125 basis points (bps). Strong demand from high-quality investors enabled the company to tighten pricing by 33 bps, achieving a final spread of UST + 92 bps.

This represents the tightest spread over US Treasuries for a 3/3.5-year USD-denominated public bond issuance by a BBB-rated issuer in South and Southeast Asia.

The bond offering garnered overwhelming interest, with the final order book oversubscribed by more than four times. Participation came from a diverse group of global investors, including asset managers, insurance companies, and banks across Asia, Europe, the Middle East, and Africa (EMEA).

BNP Paribas, HSBC, Standard Chartered Bank, and MUFG acted as Joint Global Coordinators and Joint Bookrunners, with J.P. Morgan serving as an additional Joint Bookrunner for the transaction.

This successful issuance underscores Tata Capital’s growing credibility in the global financial markets and highlights the confidence of international investors in India’s private-sector financial institutions.

(Business Line)

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Tata Capital Limited, a prominent Non-Banking Finance Company (NBFC), has raised $400 million through its debut Fixed Rate Senior Unsecured Reg S Bond issuance in the international bond market. This groundbreaking transaction marks the first investment-grade USD bond issuance by a Tata Group company and the first of its kind by a private-sector NBFC from India.The bonds, with a 3.5-year tenure, carry an interest rate of 5.389%. As a Regulation S (Reg S) issuance, they are exempt from registration with the US Securities and Exchange Commission.Rajiv Sabharwal, Managing Director and CEO, Tata Capital, expressed gratitude for the exceptional investor response, stating, “This debut USD bond issuance reflects the confidence of global investors in Tata Capital’s robust credit profile, supported by our focus on a diversified and granular loan book. The transaction will strengthen our liability management and broaden our funding sources.”Tata Capital engaged with investors in Hong Kong, Singapore, and London, launching the transaction with an initial price guidance of UST + 125 basis points (bps). Strong demand from high-quality investors enabled the company to tighten pricing by 33 bps, achieving a final spread of UST + 92 bps.This represents the tightest spread over US Treasuries for a 3/3.5-year USD-denominated public bond issuance by a BBB-rated issuer in South and Southeast Asia.The bond offering garnered overwhelming interest, with the final order book oversubscribed by more than four times. Participation came from a diverse group of global investors, including asset managers, insurance companies, and banks across Asia, Europe, the Middle East, and Africa (EMEA).BNP Paribas, HSBC, Standard Chartered Bank, and MUFG acted as Joint Global Coordinators and Joint Bookrunners, with J.P. Morgan serving as an additional Joint Bookrunner for the transaction.This successful issuance underscores Tata Capital’s growing credibility in the global financial markets and highlights the confidence of international investors in India’s private-sector financial institutions.(Business Line)

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