Export-Import Bank of India has raised Singapore $250 million (around Rs 1,118 crore) through five-year bonds.
The coupon on the bonds, which have been issued at par, is 3.375 per cent.
This is the longest tenor of publicly listed Singapore dollar bonds by an Indian entity so far.
According to David Rasquinha, Executive Director, Exim Bank, the resources will be utilised to support export transactions, government-backed lines of credit, trade credit, and to fund overseas acquisitions by Indian corporates.
Of Exim Bank’s loan book of about $11 billion, about half is in the form of foreign currency loans, said Rasquniha.
The Singapore $250 million bond issue is part of Exim Bank’s umbrella $2.5 billion medium term note programme.
Strongly subscribed
According to Rajiv Nayar, Head of Capital Markets Origination at Citi India, Exim Bank’s inaugural five-year S$250 million bond was strongly subscribed by several regional asset managers and private banks, resulting in tight pricing of 3.375 per cent.