NTPC Limited (NTPC), the largest power generating company in India, priced a US$ 400 million Medium Term Note offering in the international markets . This is the ninth offering under the company’s US$ 6 billion Medium Term Note MTN programme since it was set up in 2006, taking the cumulative amount raised under the programme to US $ 3.85 billion. Having updated the MTN programme in December 2016, NTPC was well positioned to take advantage of a supportive primary credit market and launched a benchmark size; senior, unsecured, fixed rate 10 year bond transaction with initial price guidance of US Treasuries (UST) plus 180 bps. The offering was met with strong demand and the transaction was oversubscribed within 4 hours of bookbuilding. At Asia close, the guidance was subsequently revised to T+170 bps. The final orderbook was over US$ 750 million, an oversubscription of nearly 1.5 times, with orders from more than 60 accounts.
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