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)

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)

Infrastructure Urban

13 Oct 2025

Madurai Corporation Proposes Rs 1,400 Million Plan to Save Vaigai River

In a renewed effort to tackle pollution, the Madurai Corporation has submitted Rs 1,400 million proposal to the state government to upgrade the city’s drainage network and prevent untreated sewage from entering the Vaigai River. The proposal follows growing public concern over the river’s deteriorating condition despite previous mitigation efforts. The Vaigai flows for nearly 12 km within Madurai city limits, with sections obstructed by invasive plants, garbage, and untreated sewage. While multiple inlets contribute to contamination, the Panthalkudi canal in Goripalayam has been identifi..

Infrastructure Transport

13 Oct 2025

PM Modi Inaugurates Mumbai Metro 3 Final Phase, 33.5 km Aqua Line

Prime Minister Narendra Modi inaugurated the final phase of Mumbai’s first fully underground Metro 3, making the 33.5 km Aqua Line operational. The line connects Aarey in North Mumbai to Colaba in South Mumbai, aiming to ease congestion on suburban trains and roads. The final stretch, spanning 11.2 km from Acharya Atre Chowk in Worli to Cuffe Parade, provides connectivity to six major business centres, including Nariman Point, Cuffe Parade, Fort, Lower Parel, BKC, and SEEPZ/MIDC. According to Mumbai Metro Rail Corporation (MMRC), the stretch also links areas such as Kalbadevi, Girgaum, Worl..

Building Material

13 Oct 2025

M.E. Energy Wins Rs 490 Million Ferro Alloys EPC Order

M.E. Energy Pvt Ltd, a wholly owned subsidiary of Kilburn Engineering Ltd and a leading Indian engineering company specialising in energy recovery and cost reduction solutions, has secured its second consecutive major order valued at Rs 490 million in the ferro alloys sector. The order is for an Engineering Procurement and Construction (EPC) contract to develop a 12 MW Waste Heat Recovery Based Power Plant (WHRPP). This repeat order underscores the growing trust of the ferro alloys industry in M.E. Energy’s expertise in delivering reliable, efficient, and sustainable energy solutions tailor..