Axis plans to sell $200 mn in CPs

Axis Bank plans to sell as much as $200 million of commercial paper (CP), according to Standard & Poor’s. The notes would be rated A-1, the second-highest short-term investment grade, and were supported by a letter of credit from Bank of America NA, S&P said in a statement on Tuesday.

The bank would use money from the notes to fund its three overseas branches, said a person familiar with the matter.