According to sources, Mahanagar Telephone Nigam Limited (MTNL) is likely to tap the corporate bond market with its last tranche of Rs 20.42 billion ($249.2 million) government-guaranteed bonds. The notes will mature in 10 years and are rated AAA (CE) by India Ratings and CARE Ratings.

Earlier, in November 2022, the state-run telco raised Rs 27.58 billion and Rs 61.10 billion in two offerings, at semi-annual coupons of 7.87 per cent and 8.00 per cent, respectively. The government also gave MTNL a sovereign guarantee in September 2022 to raise Rs 109.10 billion in the current financial year.