Exim Bank rings bell at India INX with $1 billion 10-year bond listing

The bell-ringing ceremony for Exim Bank's one billion dollars 10-year bond issuance was conducted on Thursday at BSE Ltd (earlier known as Bombay Stock Exchange) by Managing Director David Rasquinha and Chief General Manager Harsha Bangari.

V Balasubramaniam, Managing Director and CEO of India International Exchange (INX), was also present on the occasion.

On January 6, the Export Import (EXIM) Bank of India had successfully priced a 10-year bond of one billion dollars. The issue attracted a total order book in excess of 2.7 billion dollars at the close, thereby achieving more than 2.7 times subscription from 184 high-quality investors.

In terms of geographic distribution, the bonds were distributed 44 per cent in Asia, 36 per cent in the United States and 20 per cent from Europe, Middle East and Africa (EMEA) region.

In terms of distribution, the bonds were distributed to high-quality investors with around 58 per cent distributed to fund managers, 18 per cent to banks, 13 per cent to insurance and pension funds, 10 per cent to central banks and official institutions, and 1 per cent to private banks.

"The successful issuance of one billion dollars, our third such issue, is a strong market-opening trade from Exim Bank, following which many other Indian issuers are likely to access the foreign currency bond markets," said Rasquinha.

"All Exim Bank's foreign currency bonds are already listed on India INX and it makes us proud to say that Exim Bank is cumulatively the largest bond issuer listed on India INX," he said in a statement.

Bangari said the transaction marks the lowest 10-year coupon from any Indian issuer in US dollar markets, especially in the backdrop of geopolitical tensions. "We look forward to listing our future issuances at the India INX and hope to have played a pioneering role towards development of the exchange.

India INX -- a subsidiary of BSE Ltd -- is the country's first international exchange.