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• India's state-run Power Finance Corp has delayed swapping its fixed rate bond to a floating rate one as it was not satisfied with the bids received for the pricing for the coupon, an official said on Friday. "We are not happy with the bids. So we are not going ahead now," the official, who did not want to be identified, said. The company had invited selected banks to bid on Thursday to swap the coupon on its fixed-rate five-year bond into a floating rate. Banks have been asked to quote a spread over the local swap benchmark INCMTBMK for two-year tenure and subsequently for annual resets, according to a term sheet seen by Reuters.

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