Nexus Select Trust to issue multiple-tenor bonds, bankers say

About this update from Nexus Select Trust

India's Nexus Select Trust NSE:NXST.RR plans to raise up to 7 billion rupees ($77.56 million) through the sale of two bonds maturing in about 10 years each, three bankers said on Thursday.It will pay a coupon of 6.98% (payable quarterly) on the first issue, where the coupon will get reset on June 30, 2029, they said. For the second issue, the real estate investment trust (REIT) will pay a floating coupon with initial rate as 6.95%, then benchmark three-month overnight index swap (OIS) rate + spread of 1.61%. The coupon will get reset on September 30, 2030.It has invited commitment bids for the issue on Friday. The company did not immediately respond to a Reuters email seeking comment. Here is the list of deals reported so far on December 11: Issuer Tenure Coupon (in %) Issue size (in bln rupees)* Bidding date Rating Nexus Select Trust10 years6.98% (payable quarterly)5December 12AAA(Crisil, Icra)Nexus Select Trust10 years6.95% (payable quarterly) initial, then 3M OIS+ 1.6% 2December 12AAA(Crisil, Icra)Credila Financial18 monthsTo be decided1.5+3.5December 12AA+ (Crisil) Credila Financial 2 year and 3 monthsTo be decided2.5+2.5December 12AA+ (Crisil) Manappuram Finance 2 years82+3December 12AA (Crisil) *Size includes base plus greenshoe for some issues($1 = 90.2470 Indian rupees)

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