Latest News | Exim Bank Mops Up USD 1 Bn at Record Low Rate
Get latest articles and stories on Latest News at LatestLY. The Exim Bank on Tuesday raised USD 1 billion through an overseas bond sale offering just 2.25 per cent for the ten-year money, setting a new low in pricing.
Mumbai, Jan 5 (PTI) The Exim Bank on Tuesday raised USD 1 billion through an overseas bond sale offering just 2.25 per cent for the ten-year money, setting a new low in pricing.
The issue was oversubscribed over 3.5 times, managing director David Rasquinha said, adding in Asia when the issue was launched the bonds were oversold within two hours.
"The coupon of 2.25 per cent is a record low for any 10-year bond issuance out of the country till date," he added.
The Exim Bank, with a substantially dollarised balance sheet, is one of the largest domestic issuers of long-term debt in the international debt capital markets and its paper is treated as quasi-sovereign.
The funds thus raised will be used to support project exports, overseas investment by way of long-term credit and its export lines of credit portfolio, the bank said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)