May 30, 2019

Dial issues rare long-dated bond

GMR Group controlled Delhi International Airport (Dial) has raised $350 million by selling 10-year dollar bonds.

The bonds carry a 6.45% coupon, 30bp tighter than initial guidance of 6.75%.

This is the first long-dated 10-year high-yield bond issued out of India since January 2018.

The issue, with proceeds earmarked for expansion, was led by HSBC and JP Morgan.

The last high-yield dollar bond out of India was issued by Tata Steel in January 2018.

This issuance marks Dial’s third dollar bond issue.

Dial previously issued 10-year paper in 2016 and a seven-year bond in 2015.