REC eyes $5b via mid-term notes on GSM

The Rural Electrification Corporation (REC) has become the latest issuer to launch global medium-term notes programme at the Global Securities Market (GSM), a leading primary market platform for raising funds from global investors.

GSM is a company of the BSE's International India exchange (India INX).

REC on Monday chose to launch its $5-billion global medium-term-note (GMTN) programme, taking the total MTN programme this year to around $36 billion.

Moody’s assigned Baa3 ratings to REC’s debt issue which is part of its $5 billion MTN drawdown.

India INX chief V Balasubramaniam said that MTN programmes are one of the fastest growing segments within the exchange.