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Exim Bank raises USD 1 bn from overseas bonds

Export-Import Bank of India (Exim Bank) today announced raising of USD 1 billion (about Rs 6,700 crore) by selling bonds to overseas investors.
•    Initially announced for USD 500 million, the issue was upsized to USD 1 billion based on strong demand from the investors.
•    The issue attracted a total order book in excess of USD 2.50 billion from over 157 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, Exim Bank Chairman and Managing Director Yaduvendra Mathur said.
•    Yield achieved on the bonds is the lowest on a USD 500 million deal by an Indian entity since 2000, he claimed.
•    Exim Bank aims to promote India’s international trade and investment.
•    The bank supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.