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  3. Tata Capital eyes first dollar bond amid India shadow bank rush

Tata Capital eyes first dollar bond amid India shadow bank rush

10 Jan 2025

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Key Takeaways

Tata Capital’s dollar bond reflects a strategic funding shift, leveraging high-yield demand amidst RBI restrictions and investor diversification trends.

Tata Capital’s dollar bond reflects a strategic funding shift, leveraging high-yield demand amidst RBI restrictions and investor diversification trends.

tata

Tata Capital

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Expert Analysis

Tata Capital Plans First Dollar Bond Amid Shadow Bank Offshore Rush.

Expert Analysis :

  • Bond Issuance Plan: Tata Capital is preparing its debut dollar bond sale, joining the surge of offshore debt issuance by Indian shadow lenders.

  • Benchmark-Sized Note Issuance: Tata Capital, a Tata Group unit, plans to issue a benchmark-sized note with a 3.5-year maturity to fund lending and other purposes.

  • Surge in Offshore Debt Sales: Tata Capital’s bond offering follows a surge in offshore debt sales due to RBI’s November 2023 rules restricting local bank funding for shadow lenders. Shriram Finance borrowed $1.28 billion in the largest offshore facility by an Indian financier.

  • Investor Demand: Investors are drawn to Tata Capital’s bond offering, attracted by high yields and the opportunity to diversify away from high-yielding Chinese debt.

  • Bond Sale Management and Rating: Tata Capital’s bond sale is managed by BNP Paribas, HSBC, Mitsubishi UFJ, Standard Chartered, and JPMorgan with the issue expected to receive a BBB- rating from S&P Global Ratings.

Publisher:money control