You are here: Home » Finance » News » Banks
Business Standard

Exim Bank raises $500 million by issuing bonds, proceeds to support exports

Exim Bank said the bonds were distributed 87% in Asia and 13% in Europe and offshore US

Press Trust of India  |  New Delhi 

bank credit

of (Exim Bank) Wednesday said it has raised $500 million by issuing bonds, and the proceeds will be used to fund projects.

successfully launched a Reg-S 5-year issue of $500 million, it said in a release.

The funds raised will be used by the to support Indian project exports, foreign investment by way of long-term credit and its line of credit portfolio, it said.

said the bonds were distributed 87 per cent in and 13 per cent in the and offshore US.

and acted as joint lead managers and book runners for the offering.

In terms of distribution, the bonds were distributed to high-quality fixed-income accounts with around 44 per cent distributed to fund and asset managers, 29 per cent to and 20 per cent to insurance and sovereign wealth funds, 7 per cent to private banks, it said.

"The swift build to the book and the large book size...after significant tightening by 25 bps (basis points) demonstrates strong confidence of overseas investors in the story and in The deal offers seasoned and savvy investors strong credit quality in the steadily growing Indian economy," said David Rasquinha, of

Debasish Mallick, deputy managing director, Exim Bank, said: "The Bank has issued a fixed-rate Reg-S only after a gap of 3 years. The quasi-sovereign nature of the Bank and EMBIG index eligibility of the bonds helped in the tightening, while also re-pricing the curve for Indian papers.

First Published: Wed, March 06 2019. 19:15 IST
RECOMMENDED FOR YOU