The Export-Import Bank of India has raised $500 million via bonds issued in overseas markets.
The funds mobilised through the offshore bond offering would be used to support Indian project exports and overseas investments by way of long-term credit. “The size of the order book and the quality of the investor names showcase the market’s confidence in India as well as in Exim Bank, particularly in a challenging market,” Yaduvendra Mathur, Chairman and Managing Director of Exim Bank, said in a statement.
The issue attracted a total order book of over $1.25 billion, achieving oversubscription by 2.5 times of the issue size, from over 110 investors.
The 5.5-year $500-million Euro-dollar bond issue was priced at 165 basis points over US Treasuries at a fixed coupon of 3.125 per cent per annum.