June 16, 2024

Shriram Finance raises $750 million via Social Bonds

Shriram Finance Ltd (SFL), a retail financing Non-Banking Finance company said it had priced a $750 million Fixed Rate Senior Secured 144A/Reg S Bond for a 3.25 year tenor.

“Following a strong book build supported by high quality long only marquee investors, the company was able to achieve highest tightening in the pricing by 37.5 bps. This also marks the tightest credit spreads over 3-year US Treasuries in our USD bonds,” the company said in a statement.

The bond got an overwhelming response from over 200 investors with the order book in the range of 4x of the issue size, it added.

Umesh Revankar, Executive Vice Chairman of Shriram Finance Ltd. said, “Social Impact continues to remain a focus area for the company and we are pleased to have received significant interest for our Social Bond. Social impact is similar to our priority sector with some strict exclusion and has big interest from the international investor community.”

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