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Monday, May 11, 2009

Tata Steel selling $101 mn of bonds

Tata Steel, part of India's diversified Tata group, is raising Rs 5 billion ($101 million) through the sale of bonds, according to a term sheet seen by Reuters.

The company, the world's sixth-largest steelmaker, is selling 10-year bonds at a coupon of 10.4 percent, payable annually. The bonds are rated 'AA' by Fitch and 'AA+' by CARE.

Fitch said the funds would partly be used to meet additional equity infusion in Tata Steel UK to prepay some debt.

The issue is scheduled to close on Friday, with pay-in on the same day. Standard Chartered Bank is the sole arranger to the issue.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jul 17
23:00 Fed's Cook speech 2
Friday, Jul 18
01:30 Total Net TIC Flows 1 $311.1B $-14.6B Revised from $-14.2B
01:30 Net Long-Term TIC Flows 1 $259.4B $-8.2B Revised from $-7.8B
04:00 Fed's Waller speech 2
08:30 Credit Card Spending (YoY) 1 0.9% 2.0% Revised from 2.2%
17:30 Fed's Waller speech 2
18:00 Housing Starts (MoM) 2 1.300M 1.256M
18:00 Building Permits (MoM) 2 1.390M 1.394M Revised from 1.393M
18:00 Housing Starts Change 1 -9.8%
18:00 Building Permits Change 1 -2%
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