Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Yes Bank to sell $300 million bonds through IFSC unit
BackBack

Yes Bank to sell $300 million bonds through IFSC unit

The issue by Yes Bank is the first overseas debt sale by a domestic issuer from the International Finance Centre (IFSC) at the Gift City in Ahmedabad

Moody’s has assigned a Baa3 rating to Yes Bank’s proposed senior unsecured notes, issued under its $1 billion MTN programme. Photo: Abhijit Bhatlekar/MintPremium
Moody’s has assigned a Baa3 rating to Yes Bank’s proposed senior unsecured notes, issued under its $1 billion MTN programme. Photo: Abhijit Bhatlekar/Mint

Mumbai: Mid-scale private sector lender Yes Bank is in the global debt market with a $300 million bond issue, as part of its $1 billion global medium-term note (MTN) programme.

Interestingly, this is the first overseas debt sale by a domestic issuer from the International Finance Centre (IFSC) at the Gift City in Ahmedabad. According to an investment banker working on the issue, the drawdown will be from Yes Bank’s IFSC banking unit at the Gujarat International Finance Tec-City (Gift City), and will be listed on the London Stock Exchange International Securities Market, Singapore Exchange Securities Trading, and the India International Exchange IFSC.

Since the beginning of the new year and ahead of the rate tightening in the West, a lot of domestic issuers have lined up debt issuances. Last week Exim Bank had hit the market with a benchmark issue (any amount above $300 million) with a Reg S 144A issue which is a debt sale into which resident American investors could subscribe to.

Moody’s Investors Service has given Baa3 rating to the proposed dollar note drawdown. “We’ve assigned a Baa3 rating to Yes Bank’s proposed senior unsecured notes, issued under its USD 1-billion MTN programme," Moody’s said in a note on Monday. The agency has also given a stable rating outlook to the issue which will be closed on Monday night.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Jan 2018, 08:35 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App