Shriram Finance Limited has successfully priced a USD 500 million Fixed Rate Senior Secured Rule 144A /Reg S Bond for a 3.5 year tenor at an interest rate of 6.15%. This deal marks the largest deal size by the Company. This is the Company's 9th successful USD public bond issuance since the relaxation in the ECB guidelines.
Following a strong book build supported by high quality long only marquee investors, the Company was able to achieve tightening in the pricing by 35 bps. This also marks the tight credit spreads over 3 year US Treasuries in USD bonds. The bond got an overwhelming response from over 125 investors with the order book in the range of 2.4x of the issue size.
The transaction witnessed 47% participation from APAC, 27% from EMEA and 26% from US with 83% investment from asset managers/fund managers, 11% from private banks and 6% from banks.
