Some of India's top-rated companies can now borrow more cheaply for a decade than for three years, as rate-hike expectations reshape debt markets.

State-backed Power Finance Corp. withdrew a planned shorter-tenor bond sale earlier this week but priced a 15-year issuance. On Thursday, its unit REC Ltd. withdrew a planned two-year note sale while going ahead with debt maturing in about a decade.

Bajaj Finance Ltd., India's largest shadow lender, also raised 50 billion rupees ($523 million) through 10-year debt.