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Business News/ Market / Stock-market-news/  Exim Bank opens dollar-denominated bond sale
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Exim Bank opens dollar-denominated bond sale

The sale has already opened in East Asia and will move to West Asia and London later in the day

Exim Bank had last sold US bonds in January 2013, raising $750 million via securities due in 2023, according to Bloomberg. Photo: Priyanka Parashar/MintPremium
Exim Bank had last sold US bonds in January 2013, raising $750 million via securities due in 2023, according to Bloomberg. Photo: Priyanka Parashar/Mint

Mumbai: Export-Import Bank of India (Exim Bank) on Monday opened a dollar-denominated bond sale under its $6 billion medium term note (MTN) programme to investors in Asia and Europe.

David Rasquinha, executive director at Exim Bank, said the sale has already opened in East Asia and will move to West Asia and London later in the day.

“It’s part of our MTN programme and the first of this financial year. We plan to close it by evening today," Rasquinha said, but declined to give the pricing or the amount to be raised.

Citibank NA, JPMorgan Chase and Co. and Standard Chartered Plc are the bankers to the issue, Rasquinha said.

US-based rating agency Standard and Poor’s Ratings Services has assigned the issue a BBB- rating, in line with India’s sovereign rating.

Bloomberg said Exim Bank’s bond will be of 5.5-year maturity at a spread of about 245 basis points more than US treasuries, citing a person familiar with the matter.

Three Indian firms have sold dollar debentures totaling $1.55 billion so far this year, according to data compiled by Bloomberg.

The latest such issue was state-owned IDBI Bank Ltd’s $300 million 5.5-year bond sale on Wednesday at 350 basis points above the 5-year US treasury.

Exim Bank had last sold US bonds in January 2013, raising $750 million via securities due in 2023, according to Bloomberg.

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Published: 24 Mar 2014, 02:46 PM IST
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