Hudco raises $448 million in Yen debt in a rare transaction for state-owned firm
The report said the landed cost of the loan after hedging would come at less than 7% which is less than the cost for a tenure loan in the domestic market.
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State-owned Housing and Urban Development Corporation (Hudco) has managed to secure $448 million (around Rs 3742 crore) in Yen debt, according to reports.
Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp and Mizuho Bank, Japan’s three largest banking groups in terms of assets partnered together to finance the deal. ET reported the five-year loan was priced at 70 basis points above the interbank benchmark rate in Japan.
The report said the landed cost of the loan after hedging would come at less than 7% which is less than the cost for a tenure loan in the domestic market.
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The five-year loan was priced at 70 basis points above the Tokyo Overnight Average Rate (TONAR), the interbank benchmark rate in, Japan. The funds will be swapped to the dollar and brought into India to use for domestic lending purposes. One basis point is 0.01 %.
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