- NBFC
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India's Manappuram Finance accepts bids worth $300 mln for dollar bond issue
INDIA-DEBT/BONDS-India's Manappuram Finance accepts bids worth $300 mln for dollar bond issueMUMBAI, - India's Manappuram Finance has accepted bids worth $300 million for U.S. dollar-denominated bonds maturing in four years, the gold financier informed the stock exchanges late on Wednesday.
The company has set a coupon of 7.375%, it said.
The coupon is within its initial guidance of 7.75%, two bankers said, declining to be named as they are not authorised to speak to the media.
CreditSights analysts, however, saw fair value above the price guidance at 8.50%.
"We are cautious about Manappuram as a credit, given the strong growth in its non-gold book, limited experience in the non-gold area, compliance issues that crop up from time to time, lack of disclosure on liquidity lines and undrawn facilities," said Pramod Shenoi, head of Asia-Pacific Research at CreditSights.
Barclays and Citigroup are the joint managers for this issue.
On Wednesday, another gold financier Muthoot Finance accepted bids worth $650 million for U.S. dollar-denominated bonds maturing in three years and nine months at a coupon of 7.1250%. (Reporting by Bhakti Tambe; Editing by Eileen Soreng)
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