The 5-year benchmark has a semi-annual coupon rate of 4.75% per annum and matures on 27 September 2029. This was the first USD bond issuance from an Indian PSU in 2024. The final order book was oversubscribed by more than 1.9 times, allowing REC to achieve the tightest spread ever of 127.5 bps over US treasury, by an Indian NBFI for a 5-year USD issuance. This strong demand reflects confidence in REC's robust credit profile and India's commitment to green and sustainable infrastructure development. 

Vivek Kumar Dewangan, CMD, REC Limited, expressed his satisfaction with the success of the issuance, stating: “This green bond issuance underscores the faith that global investors continue to place in REC’s financial strength and strategic direction. The overwhelming demand for our green bonds, amidst a challenging global financial environment, reflects the established standing of India as a key player in the green finance market.”