MTNL sets coupon on 10-year government-guaranteed bonds: Traders

India’s Mahanagar Telecom Nigam (MTNL) has set a 7.78% semi-annual coupon on its government-guaranteed bonds maturing in 10 years, three merchant bankers said on Thursday.

The state-run telecommunication services company accepted bids worth 16.18 billion rupees ($195.9 million) for the bond issue, for which it had invited coupon and commitment bids from bankers and investors earlier in the day.

The notes are rated AAA (CE) by India Ratings and CARE Ratings, and the issue will close for subscription on Friday.

MTNL had raised 27.58 billion rupees and 61.10 billion rupees in two offerings last November, at semi-annual coupons of 7.87% and 8.00%, respectively.