Amazon-Backed India Retailer to Tap Bond Market Amid Cash Crunch
- Future Retail’s liquidity worsened on virus steps: Brickwork
- The company is offering higher yields than similar issuances
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An Indian retailer is set to tap the rupee bond market to cut funding costs, in a test of whether the nation’s measures to bring a thaw in the domestic credit crisis have succeeded.
Future Retail Ltd. is seeking bids Friday to raise as much as 2 billion rupees ($27 million) via a three-year note, a person familiar with the matter said. The company, with an A- domestic rating, this week approved raising 6.5 billion rupees via bonds to replace its existing high-cost debt.