Indian lenders are on course to lock in pricing for $1.5 billion of bond issues this week, as a cheaper hedging facility spurs a rush in foreign-currency issuance, three bankers said on Monday.
State-run financier Power Finance Corp aims to sell about $500 million of bonds, and has given an initial price guidance of a yield spread of 130 basis points over U.S. Treasuries, the bankers said, making it the first non-bank lender to tap dollar bonds after India earlier this month opened a forex swap facility as part of wider measures to help the rupee.
