Exim Bank of India raises USD 1b for 10 year tenor

30 Jan 2018

The Export-Import Bank of India successfully launched a 10 year Bond issue of USD 1 bn, its second transaction in the 144A/Reg S format. This was the largest issuance ever for Export-Import Bank of India having previously raised a similar sized issuance in July 2016. The issue attracted a total order book in excess of USD 1.8 billion thereby achieving approx. 1.8x over subscription of the issue size from over 100 high-quality global investors. The funds thus raised will be used by the Bank to support Indian project exports, overseas investment by way of long term credit and its lines of credit portfolio.
Speaking on the occasion, David Rasquinha, Managing Director of Exim Bank, said, “With a largely dollarized loan book, the Bank is a regular issuer in the international debt capital markets. This was our second foray to the 144A market as part of our constant endeavour to further strengthen and foster long term relationships with global investors. Through a well-designed and finely executed marketing strategy, we achieved the tightest ever 10 year US treasury spread by an Indian issuer while simultaneously attracting top quality investors in the order book. Through this issuance Exim has yet again created a liquid benchmark 10 year curve out of India”.
Debasish Mallick, Deputy Managing Director added “The road shows in Hong Kong, Singapore, London and key US centres were successful in marketing the investment proposition to high quality institutional investors. When the bond was launched, these investors responded with encouragingly large orders, enabling the book to build rapidly and enabling a fine pricing”. (EOIC)