|Bid||2,554.45 x 0|
|Ask||2,555.00 x 0|
|Day's range||2,553.55 - 2,573.95|
|52-week range||1,473.10 - 2,895.35|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||20.27|
|Earnings date||02 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||2,088.12|
India's Housing Development Finance Corp raised its target of 250 billion rupees ($3.03 billion) in the country's largest privately placed corporate bond issue on Thursday, merchant bankers said. "The participation was from across investor categories, LIC (Life Insurance Corp) being one of the largest ones, along with other insurance companies, provident funds, banks, mutual funds and pension trusts," VS Rangan, executive director at HDFC told Reuters. The country's largest housing financier, soon to be merged with private lender HDFC Bank, sold 10-year bonds at a coupon of 7.97% coupon.
MUMBAI (Reuters) -The anticipation of Housing Development Finance Corp, India's largest mortgage lender, executing an interest-rate hedge once it completes its mega bond sale this week, is driving longer-duration bond yields lower, traders said on Wednesday. To convert the fixed coupon payments on these bonds to floating payments – to match the interest rate profile on the loans it issues – HDFC is considering total return swaps, bankers with direct knowledge of the matter told Reuters. "HDFC is likely to do the trade on or post Friday, once it receives the money from its bond issuance," one of the bankers said.
The biggest-ever bond issue by India's Housing Development Finance Corp is expected to go smoothly without any major increase in interest costs for the financier as long-term investors will likely absorb the sale, bankers said. HDFC aims to raise at least 50 billion rupees ($603.4 million) through the sale of 10-year bonds on Thursday, with an option to retain an additional 200 billion rupees. If the company garners full the quantum, this would also be the biggest-ever privately placed debt issue by an Indian company.