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 Trust
10 years
6.98% (payable quarterly)
5
December 12
AAA(Crisil, Icra)
Nexus Select Trust
10 years
6.95% (payable quarterly) initial, then 3M OIS+ 1.6%
2
December 12
AAA(Crisil, Icra)
Credila Financial
18 months
To be decided
1.5+3.5
December 12
AA+ (Crisil)
Credila Financial
2 year and 3 months
To be decided
2.5+2.5
December 12
AA+ (Crisil)
Manappuram Finance
2 years
8
2+3
December 12
AA (Crisil)
*Size includes base plus greenshoe for some issues
($1 = 90.2470 Indian rupees)