Tax Free Bonds 2012 Notification summary. Issuers and issue size Sr. No. Entities Aggregate Amount of Bonds (Rupees Crores) 1National Highway Authority.

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Presentation transcript:

Tax Free Bonds 2012 Notification summary

Issuers and issue size Sr. No. Entities Aggregate Amount of Bonds (Rupees Crores) 1National Highway Authority of India (NHAI)10,000 Cr. 2Indian Railway Finance Corporation (IRFC)10,000 Cr. 3India Infrastructure Finance Company Limited (IIFCL)10,000 Cr. 4Housing and Urban Development Corporation (HUDCO)5,000 Cr. 5National Housing Bank (NHB)5,000 Cr. 6Power Finance Corporation (PFC)5,000 Cr. 7Rural Electrification Corporation (REC)5,000 Cr. 8Jawaharlal Nehru Port Trust2,000 Cr. 9Dredging Corporation of India500 Cr. 10Ennore Port Limited1,000 Cr. Minimum 75% of the aggregate amount of allotted bonds are to be issued through public issue. 40% of the issue shall be earmarked for retail investors. When issuing through private placement the issuer shall adopt a book building approach and seek bids on coupon. No limit of number of arrangers Maximum size of 500 Cr. by each tranche

Coupon and Issue expenses Reference G Sec (RRate): Average of base yield of Government Security for equivalent maturity reported by FIMMDA prevailing for two weeks ending on Friday immediately preceding the filing of final prospectus. Ceiling on Coupon Retail Individual investorsQIBs, Corporates and HNIs Individuals, HUFs, NRIs investing up to Rs. 10 Lakhs AAA and AA+ RatedRrate - 65 bpsRrate bps AA Rated and belowRrate - 50 bpsRrate bps

Terms of the issue 1Eligible Investors Qualified Institutional Buyers, Corporates, High Networth Individuals, Retail Individual Investors 2Tenure10 years and 15 Years, (20 Years bond only in case of IIFCL) 10 Years15 Years20 Years Average yield for 2 weeks ending % 8.36% Annualized Yield8.32% 8.53% Retail Individual investorsQIBs, Corporates and HNIs 10 Years15 Years20 Years10 Years15 Years20 Years AAA and AA+ Rated7.67% 7.88%7.17% 7.38% AA Rated and below7.82% 8.03%7.32% 7.53% Reference Rate Limit on Coupon Pre tax yields (for 10 Years at cap coupon rates) Retail Investors Tax RateRetail AAA & AA+AA & Below 0.00% 7.67%7.82% 10.30% 8.55%8.72% 20.60% 9.66%9.85% 30.90% 11.10%11.32% QIBs, Corporates and HNIs Tax RateRetail AAA & AA+AA & Below 30.90% 10.38% 32.45% 10.62%

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