LSE welcomes EXIM Bank USD 1 bn bond to International Securities Market
London [United Kingdom], Jan 28 (ANI): The London Stock Exchange on January 26, welcomed the issuance of Export-Import (EXIM) Bank of India's USD one billion bond which will be admitted to its International Securities Market (ISM).
The ten-year dollar bonds raised USD one billion and it was nearly two times oversubscribed.
Further, the bond which has a 3.897 percent annual yield, secured high investor support from across the world.
The notes achieved the tightest ever spread over US Treasury for an Indian entity for a ten-year issuance.
The proceeds raised will be used by EXIM Bank to support Indian project exports, overseas investment by way of long term credit and its lines of credit portfolio.
"London Stock Exchange is honored to welcome EXIM Bank of India's inaugural bond on London Stock Exchange's International Securities Market. EXIM Bank is global pioneer in export finance supporting India's global growth and trade agenda. The successful pricing reinforces London Stock Exchange's position as the key destination for Indian and global capital raising," said CEO, London Stock Exchange plc, Nikhil Rathi.
"Through our International Securities Market, issuers benefit from an efficient listing process and access to the deepest pool of internationally oriented capital in the world," Rathi added.
EXIM Bank, one of the world's premier export finance institution offering a comprehensive range of products and services, with this issuance became the year's largest quasi-sovereign issuance from Asia in the international debt capital markets.
"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 endeavor to further strengthen and foster long term relationships with global investors," said MD, EXIM Bank, David Rasquinha.
"Through a well-designed and finely executed marketing strategy, we achieved the tightest ever ten-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 ten-year curve out of India," Rasquinha added.
The London Stock Exchange has developed a leading position as the global venue of choice for Indian issuers, including some recent landmark green bonds such as Indian Power Finance Corporation (PFC), Indian Railway Finance Corporation (IRFC) and Axis Green as well as retail bond from Eros International.
They have welcomed 44 Masala bonds and helped supranational and Indian corporates raise over USD 6.5 billion equivalent in mostly oversubscribed bond offerings. (ANI)
This story has not been edited. It has been published as provided by ANI
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