IndusInd Bank raised USD 400 mn in its maiden offshore dollar bond issuance

Private sector lender IndusInd Bank Tuesday said it has raised USD 400 million (around Rs 2,700 crore) in its first-ever US dollar bond issuance in the offshore public markets.

The bank raised USD 400 million at a coupon rate of 3.875 per cent per annum, payable semi-annually, IndusInd Bank said in a release.

The notes, to be listed on the Singapore SGX and the India INX, Gift City, carry a final rating of Baa3 from Moody's.

"The successful issuance demonstrates the strong credit quality of IndusInd Bank and investors' affinity towards the bank," it said.

The bank has created a successful benchmark for itself in offshore capital markets through its debut issuance.

"IndusInd Bank has made a successful debut in the offshore bond markets through a benchmark 3-year issuance. This gives the bank not only an important source of funds diversification, but also an enhanced capability to support the growth aspirations of our Indian clients that are expanding in the region and globally," Romesh Sobti, managing director and chief executive officer, IndusInd Bank, said.

BofA Merrill Lynch, Barclays, Citigroup, CLSA, HSBC (B&D), JPMorgan and Standard Chartered Bank acted as joint book runners and joint lead managers for the offering.