SINGAPORE, Oct 30 (IFR) - Indian issuers have started queuing up in the primary bond market to take advantage of cheaper funding after the Reserve Bank of India cut the cash reserve ratio by 25bp to 4.25% in its monetary policy meet earlier today.
The central bank, however, kept the repo rate unchanged at 8%. Two Tata group companies and state-run Rural Electrification Corp have already sounded the market on their potential issuances.
Tata Steel has asked arrangers to bid for its INR10bn (USD185m) 8-year sale with staggered redemptions from the sixth year onward. Tata Power itself is looking to do a 10-year sale.
Meanwhile, REC is planning a multi-tranche sale that will be split into a7-year staggered sale as well as 7- and 10-year bullet tranches.