Shriram Transport Finance Company (STFC), India's largest asset financing company has successfully priced a USD 400 million Fixed Rate Senior Secured Reg S Bond for a 3 year tenor at 5.70%. STFC's debut bond transaction also marks the first international bond by a private sector Indian NBFC. The company has previously successfully placed Masala bonds.

The company engaged around 50 investors during an extensive deal roadshow across Singapore, Hong Kong and London. Backed by the strong investor feedback, the transaction was launched with an initial price guidance of 6.000% area. Following a strong book build supported by high quality real money investors, the company was able to tighten pricing by 30bps to 5.70%.

The final orderbook was in excess of USD 1 billion with oversubscription of >2.5x. The transaction witnessed 67% participation from Asia and 33% from EMEA with 81% investment from asset managers, 13% from banks and 6% from private banks and others.

Deutsche Bank, HSBC, ING and Standard Chartered Bank acted as Joint Global Coordinators along with Barclays, Citi, Emirates NBD Capital and J.P. Morgan acting as Joint Lead Managers.

Umesh Revankar, Managing Director and CEO of Shriram Transport Finance Company, while describing the landmark issuance stated ''We are overwhelmed by the strong response of the global investor community to our credit story. This transaction would help us further diversify our sources of funding.''