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REC opts for currency risk to save on coupon
India's Rural Electrification Corp is choosing to take on currency exposure of around US$28m a year to save some 170bp on the coupon rate on a rupee bond. The state-run utility has issued a mandate for a local Rs15bn (US$304m) deal to be sold at a fixed rate, and then swapped into a spread over yen-Libor. To old hands in India, the structure sounds almost too familiar. In 2006, the Reserve Bank of
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