The Export Import Bank of India has raised $1 billion through the issue of 10-year senior unsecured bonds, marking the first such issuance in the offshore market in 2025.
The bank raised the funds at 100 basis points over the US 10-year treasury bonds, with a negative new issue concession of 5 bps, the company said in an exchange filing on Tuesday.
Exim Bank garnered 50% of the demand from Asia, 32% from emerging market economies and 18% from the US. Around 64% of investors were asset and fund managers, 18% were banks and 16% were insurance, pension funds, public sector and private sector banks.
BofA Securities, Citigroup, HSBC, JP Morgan and Standard Chartered Bank were the lead managers. The notes are rated as Baa3 by Moody's Investor Services, BBB- by S&P Ratings and BBB- by Fitch Ratings.
"The bonds garnered significant interest from marquee investors, with a peak order book of USD 2.7+billion," Deepali Agrawal, deputy managing director of Exim Bank, said. "Given the quality book build and the large book size, we elected to move quickly to achieve a significant price tightening by 30 bps from the initial price guidance."
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