 meeting working capital requirements are the other stated objectives behind the fundraising, a dealer said.
Rating companies including Fitch and S&P have rated the issue as B+, lower than the investment grade. A few months ago Axis Bank raised $500 million through the same route but with a better rating.
Amid growing investor interest for higher yields globally, these bonds have yielded 4.875%, half a per cent lower than its initial guidance as investors scrambled to have their share of the pie. Bonds will mature in seven years from now.
The bond sale received bids 8.4 times than its original issue size, bankers said.
Morgan Stanley, Deutsche Bank, JP Morgan, UBS and Investec are the investment bankers that managed the issue.
“The overwhelming response for the first ever Indian high-yield green bond confirms that a good management with a strong parentage will invite the best-in-class funds which are region agnostic,” said Amrish Baliga, head-structured origination, India Corporate Finance at Deutsche Bank.
Greenko Investment Company, backed by parent guarantor Greenko Energy Holdings, issued these securities, which will be listed on the Singapore Stock Exchange.
Fund managers, private banks and providential funds from Asia, Europe, USA and West Asia subscribed to the bonds.
The borrower can call back the issue after three, four, five and six years at particular rates which would compensate investors adequately.
Greenko Group is the largest clean energy independent power producer in India, with more than 1 gigawatt projects across hydro, wind and thermal energy. GIC is the majority shareholder, with 72% stake in Greenko Energy Holdings.
Green bond proceeds are mandated to be used in clean energy projects only. Post Brexit referendum, high-yield bonds are in demand from investors who are looking for higher rates as more than three-fourths of global bonds are yielding less than 2%.
The issuances since the June 23 voting have witnessed oversubscriptions of seven to ten times compared to four to five times earlier, as per an industry estimate. Issuers have been able to tighten the price levels by 50-70 basis points (0.5-0.7 percentage points) since the referendum, compared to 30-40 basis points prior to Britons voting to exit the European Union.
Motherson Sumi reopened the high-yield market with the first such bond sale of the year in June. In the past two months markets have seen $1.3 billion sales from India.
Can PVR-Inox merger create value for shareholders?If anyone needs another reason why the UN should not be in charge of the internet, they need look no further than the upcoming UNESCO conference on "Freedom of Expression in Cyberspace." The United Nations Education Scientific and Cultural Organization conference will discuss "whether universal free expression standards should be applied to the Internet and how free expression can be protected while respecting individual privacy, national laws and cultural differences." The conference is being held in preparation for the second phase of the UN's World Summit on the Information Society (WSIS)." The fact that UNESCO is considering whether "universal free expression standards" should be applied to the internet speaks volumes.
UNESCO was the organization that previously championed a New World Information and Communications Order that supported greater state control over the media. Due to the UN organization's budgetary mismanagement and radical political agenda, the United States withdrew from UNESCO in 1984. Although the US has since rejoined the organization, concerns regarding UNESCO's intentions remain. For example, a major human rights group organization boycotted a UNESCO conference last year over concerns that the UN group was censoring their message.
However, the issue for US policy officials is not whether UNESCO is pro or anti-censorship at any given moment, but rather how to prevent the internet from being subject to censorship, irrespective of "cultural differences" or other political concerns.
A July 2003 article in The Miami Herald titled "Cuba, Iran seek global Internet censorship rules," explains why WSIS has the potential to pose a fundamental danger to international electronic freedom of expression. As the article notes, the "key issue at the conference will be whether the international community condemns or endorses the 'fire walls' that many dictatorships are erecting to block access to Internet websites that they consider politically inconvenient… 'Cuba is proposing language that would favor state control of the media,' U.S. assistant secretary of state for international organizations Kim R. Holmes said in an interview. 'There is reason to be concerned.'"
UNESCO is free to hold as broad-ranging a debate as they please on internet content or any other topic. It is the duty of the United States to help ensure that the world's population enjoys a similar freedom.
I don't understand why these few countries feel they need to propose global rules. They seem to be doing it internally within their own countries, anyway. I'm sure they would want to resist any global effort to open them up. But I don't see what they would gain by having such censorship done globally, other than saving them the cost of doing all that work. Oh wait; maybe that's it... they want us to do their dirty work for them.
I was going to let this pass, but really the characterisation of the UN as some distant enemy of freedom is a bit too insular and the interpretation of the NWICO debates of the early 1980s in this article may be patriotic, but this interpretation is unusual, inaccurate, and hard to derive from the original debate.
Read the Macbride Report of 1983 (published by UNESCO as Many Voices One World) and I doubt you could come to the conclusions this article does. The UNESCO Report that came to be known as the NWICO advanced some very important principles - the right to communicate as a basic human right, and the concept that mass media should exist for the development of humankind. It went on to suggest that a denial of access to any ubiquitous form of media can be perceived as a denial of human rights.
Far from being some advocate for censorship, the report upset some western media monopolies because of its emphasis on the free flow of information. The US Government at the time withdrew from UNESCO (as is often the case when people want to criticise a UN agency other reasons are put forward to justify the action).
This article does not help sensible debate of the role of the UN in Internet governance.
The Santa Fe Trail
by Rittenhouse, Jack D
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About This Item
Albuquerque: (self-published), 1978. Reissue. Soft cover. Near Fine. 8vo - over 7¾" - 9¾" tall. 271pp, index, map. This facsimile reissue limited to 500 copies.
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Details
- Bookseller
- Lippincott Books
(US)
- Bookseller Inventory #
- A3959
- Title
- The Santa Fe Trail
- Author
- Rittenhouse, Jack D
- Format/binding
- Soft cover
- Book condition
- Used - Near Fine
- Quantity available
- 1
- Edition
- Reissue
- Binding
- Paperback
- Publisher
- (self-published)
- Place of Publication
- Albuquerque
- Date published
- 1978
-In fact he debuted in the genre in the medium that was popular when he emerged as an actor, namely Western TV shows. His first ever Western, aged 28, was in a TV series and in 1958 he was billed second, after Dale Robertson, as the Texas gunman Bill Longley in a Tales of Wells Fargo story, Bill Longley.
But for many people, Steve McQueen’s Western standing is really down to his appearance in no fewer than 94 episodes of the black & white TV series Wanted: Dead or Alive.
This Dick Powell Four Star production aired on CBS for three seasons from 1958 to 1961 and despite the less than wonderful production values, did well. McQueen was of course Josh Randall, the bounty hunter, in it. On TV, bounty hunters couldn’t be ruthless exploiters, mercilessly bringing in their quarry for money; they had to be tough but fair and deep-down decent, and that was how McQueen played it. The number of times he donated his bounty to worthy widows and children, it’s a wonder he made a living at all.
He didn’t have an easy start in life. Terrence Stephen McQueen was born in Beech Grove, Indiana in 1930, the son of a former Navy pilot who made a living stunt flying, but McQueen Sr deserted the family when his son was six months old, and his mother dumped the child on an uncle, who brought him up on a farm. She subsequently remarried and took her son back to live in LA but Steve detested his stepfather. The youth missed most of his regular schooling and drifted into petty crime. It wasn’t an auspicious start.
After stints in reform schools, he hired on as a merchant seaman but jumped ship and enlisted in the US Marines in 1947. He wasn’t exactly the most disciplined and rule-respecting marine, though.
