Biggest corporate bond deal: HDFC raises Rs 25,000 crore via NCDs

ICICI, Axis, HDFC Bank, ICICI Securities Primary Dealership arranged the deal

HDFC on Thursday concluded a sale of 10-year non-convertible debentures (NCDs) worth Rs 25,000 crore, marking the largest domestic rupee bond issuance by a corporate in India.

The housing financier’s bonds carry an annualised coupon — or the rate of interest periodically paid out to investors — of 7.97 per cent. On Wednesday, the 10-year benchmark government bond yield closed at 7.35 per cent in the secondary market.

According to debt market officials, the deal was arranged by ICICI Bank, Axis Bank, HDFC Bank, and ICICI Securities Primary Dealership. On Tuesday, HDFC had launched the debt issuance with a base