MTNL sets coupon on 10-year bonds - traders

India's Mahanagar Telephone Nigam MTNL has set 7.87% semi-annual coupon on government-guaranteed bonds maturing in 10 years, four merchant bankers said on Wednesday.

The state-run company had invited coupon and commitment bids from bankers and investors earlier in the day, and has accepted bids worth 27.58 billion rupees ($338 million), they said.

The notes are rated AAA (CE) by India Ratings and CARE Ratings and the issue will close for subscription on Thursday.

Earlier this month, MTNL raised 61.10 billion rupees through government-guaranteed bonds maturing in 10 years at a semi-annual coupon of 8.00%, in what was its first issuance in over two years.

($1 = 81.5950 Indian rupees)

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