Axis Bank raises $250 million through a re-issue of five year RegS dollar bond
The bonds have been priced at 4.7%, that is 390 basis points over the 5-year US Treasury Note, at a price of Rs 101.835.
By Ruchira Roy, ET Bureau | Updated:
Axis Bank have raised $250 million through a re-issue of five year RegS dollar bond
The bonds have been priced at 4.7%, that is 390 basis points over the 5-year US Treasury Note, at a price of Rs 101.835.
The Notes are issued by Axis Bank's Dubai International Finance Centre branch and are rated Baa2/Stable by Moody's, BBB-/Negative by S&P and BBB-/Negative by Fitch.
The Notes are denominated in US dollars, and will bear fixed interest of 5.125% per annum, with interest payable semi-annually in arrears. It is the first $ re-opening from an Indian bank since February 2011.
The re-issue has been oversubscribed by 7.6 times oversubscription and 134 accounts in Asia and Europe have participated in the transaction. The bonds are immediately fungible with the existing Reg S tranche.
"In spite of the $3.35 billion worth of bonds issued by Indian banks in the last four weeks, the overwhelming investor response to the re-opening of our existing Notes highlight the consistent support to the Axis Bank credit from the global investor base." said Parthasarthy Mukherjee, President - Treasury, International Banking & Business Banking, Axis Bank.
The bonds have been priced at 4.7%, that is 390 basis points over the 5-year US Treasury Note, at a price of Rs 101.835.
The Notes are issued by Axis Bank's Dubai International Finance Centre branch and are rated Baa2/Stable by Moody's, BBB-/Negative by S&P and BBB-/Negative by Fitch.
The Notes are denominated in US dollars, and will bear fixed interest of 5.125% per annum, with interest payable semi-annually in arrears. It is the first $ re-opening from an Indian bank since February 2011.
The re-issue has been oversubscribed by 7.6 times oversubscription and 134 accounts in Asia and Europe have participated in the transaction. The bonds are immediately fungible with the existing Reg S tranche.
"In spite of the $3.35 billion worth of bonds issued by Indian banks in the last four weeks, the overwhelming investor response to the re-opening of our existing Notes highlight the consistent support to the Axis Bank credit from the global investor base." said Parthasarthy Mukherjee, President - Treasury, International Banking & Business Banking, Axis Bank.
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