In India, Export Import Bank of India raised $1 billion, State Bank of India garnered $600 million, and Shriram Transport about $500 million
Chinese e-commerce leader Alibaba Group Holding plans to raise at least $5 billion through the sale of a US dollar-denominated bond this month, four people with direct knowledge of the matter said
Company executives said this was also the cheapest bond offering by a renewable firm. The bonds were initially priced at 5.875%. When the rate was reduced to 5.375%, investors continued to book
The proceeds of the offering will be used to partially fund the privatisation
They will be issued in one or more tranches overseas and listed in any one or more stock exchanges in India or overseas, the company said in a statement
Experts say even as foreign investors discriminate between higher and lower-rated issuers, the high-yields market has started to take shape overseas
Softening of US treasury yields, weak domestic liquidity attract firms to yield-chasing offshore market
Brokerages, online platforms are making foraying into foreign equities easier
Surge in foreign borrowing poses risks
With rising M&A activity, Indian companies are getting direct access to newer markets, and better technologies
Finance Minister Nirmala Sitharaman in Budget 2019-20 announced that the government would start raising a part of its gross borrowing programme from external markets in foreign currencies.
Issue would be country's biggest-ever US-dollar bond sale and its first since 2004