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HDFC Bank to raise $500 m through overseas bonds: Media Report

By Religare
HDFC Bank to raise $500 m through overseas bonds
Private sector lender, HDFC Bank, has planned to raise up to $500 million (Rs 30,000 crore) by issuing senior unsecured notes to foreign investors through its Bahrain branch, said the media report.

The issue is part of the bank's $2-billion medium-term notes programme. The three-year bonds are priced at 255 basis points (bps) above the three-year US treasury yield. Moreover, Standard Chartered Bank, Bank of America Merrill Lynch, Barclays and JP Morgan have been appointed to manage the issue, said the media report.

The bank clarified that this is not being raised through the special swap window that the RBI opened last month to raise cheap funds for banks.

So far this calendar year, corporate India had lapped up more than $13 billion from overseas bond sales between January and mid-May, since then the appetite died as cost of funds jumped in overseas markets following the US Fed's indication in late May to wind down its $85 billion monthly bond buying programme earlier than expected.

Earlier, on March 3, the bank had raise $500 million at 3 per cent coupon in a five-year bond sale, which was the cheapest money the bank had raised so far as it had got 10 times the demand.

Dion Global Solutions Ltd.

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