IRFC, BPCL cumulatively raise Rs 50 billion via corporate bonds

Two public sector units, the Indian Railway Finance Corporation (IRFC) and Bharat Petroleum Corporation Limited (BPCL), have cumulatively raised Rs 50 billion from the corporate bond market. IRFC raised Rs 30 billion via 15-year bonds at 6.73 per cent. The firm had paid 6.9 per cent for a similar tenor bond in early June 2020. BPCL raised close to Rs 20 billion from the corporate bond market through a five-year paper. While bond yields have been coming down in recent times, sufficient liquidity in the system and incremental participation by investors have helped bring down spreads.