New Issue: India’s Housing Development sells Rs. 8.43 billion 1½% notes with step-up to 10.78%

By Susanna Moon

Chicago, Jan. 10 – Housing Development Finance Corp. Ltd. notified the Bombay Stock Exchange that it priced Rs. 8.43 billion of 1½% series Q-014 secured redeemable debentures due 2020.

The notes were issued at face value of Rs. 10 million each in a private placement for an effective rate of 1.49%, with a step-up rate of 10.78% beginning Jan. 12, 2018 for an effective rate of 10.28%, according to the notice.

The Mumbai-based issuer provides housing financing to individuals and lease finance facilities to the corporate sector.

Issuer:	Housing Development Finance Corp. Ltd.
Issue:	Series Q-014 secured redeemable debentures
Amount:	Rs. 8.43 billion
Maturity:	Feb. 12, 2020
Coupon:	1½% for effective rate of 1.49%, stepping up to 10.78% beginning Jan. 12, 2018 for an effective rate of 10.28%
Price:	Par
Pricing date:	Jan. 9
Settlement date:	Jan. 12
Ratings:	Crisil: AAA
	ICRA: AAA

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