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IDBI Bank to raise $500 mn via MTN issue

The tenure of bonds will depend on the feedback and appetite of investors

Read more on:    Crr | Mtn Issue | Subsidy Bill | Idbi Bank
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Taking benefit of softening of bond yields in global markets, plans to raise about $500 million this week under Medium Term Notes (MTN) programme.

The bank is looking to issue US dollar denominated bonds this week. The tenure of bonds will depend on the feedback and appetite of investors, said an official associated with the bond offering.

Rating agency Moody's has assigned a Baa3 rating to proposed issuance of long-term senior unsecured notes under its $1.5 billion Medium Term Note programme.  These notes will be denominated in US dollar and issued by the Dubai International Financial Centre (DIFC), the Dubai Branch of IDBI Bank.

Another official with debt arranging outfit said with success of many offerings by Indian lenders since July, bonds may have maturity is excess of five years. The quantitative easing by US Federal reserve, steps by government like diesel price hike to rein and RBI’s action to cut Cash Reserve Ratio () will help to get finer rate (read issue bonds at lower coupon rate), he said.

In August, IDBI said raised SGD 250 million through Singapore dollar denominated bonds having 3 year maturity under MTN. It carries a fixed coupon of 3.65% p.a.

IDBI has raised about $920 million under MTN. The bank will renew MTN program in January 2013 and scale it up to $3 billion.

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