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Exim Bank has raised $1 billion through overseas bonds that will get listed at London Stock Exchange’s international securities market (ISM).
The ten year dollar bonds — issued as part of Global Medium Term Note programme — has a 3.897 percent annual yield. The notes achieved the tightest ever spread over US Treasury for an Indian entity for a ten year issuance.
The proceeds raised will be used by Exim Bank to support Indian project exports; overseas investment by way of long term credit and it’s lines of credit portfolio.
“London Stock Exchange is honoured to welcome Exim Bank of India’s inaugural bond on ISM,” said Nikhil Rathi, CEO, London Stock Exchange.
David Rasquinha, Managing Director, Exim Bank of India, said: “Through this issuance, Exim has yet again created a liquid benchmark ten year curve out of India.”
This was Exim’s second foray to the 144A market as part of its constant endeavour to further strengthen and foster long term relationships with global investors, he added.
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