India issuers likely to follow suit
The Export Import Bank of India’s US$1 billion, 10-year bond issuance, listed on the Bombay Stock Exchange from 14 January 2021, showcases strong confidence of overseas investors in the India story, said Managing Director David Rasquinha.
Speaking on the occasion, Rasquinha said, “India Exim Bank is proud to open the global capital markets for 2021 with a successful 10-year US$1 billion issuance. The coupon of 2.25% p.a. is a record low for any 10-year bond issuance out of India. With our fourth such strong market opening issue, many other Indian issuers are likely to follow suit to access the foreign currency bond market.”
The bank has priced the bond, its fourth transaction in the 144A/Reg S format, at a record low rate of 2.25% p.a. The issue attracted a total order book in excess of US$3.5 billion at close on 4 Jan 2021, thereby achieving more than 3.5 times subscription from high-quality investors.
“All India Exim Bank’s foreign currency bonds are already listed on India INX, and it makes us proud to say that India Exim Bank is cumulatively the largest bond issuer listed on India INX. India Exim Bank continues to look forward to strengthening the relationship with Indian INX for its future issuances,” he said.
The bell ringing ceremony for the bond issuance was conducted on 14 Jan at BSE by David Rasquinha, Harsha Bangari, Deputy Managing Director, N. Ramesh, Deputy Managing Director and Sudatta Mandal, Chief General Manager & Chief Financial Officer of India Exim Bank, in the presence of Ashish Kumar Chauhan, Chairman, India INX and MD & CEO, Bombay Stock Exchange. #banking #investment #bonds #financial /fiinews.com
