US-dollar Bonds

Capitalising on strong demand, Exim Bank managed to tighten the final price by 30 basis points from the initial price guidance to achieve pricing of UST10+100 basis points

The RBI's frequent interventions have supported the rupee in the face of multiple headwinds, including a hawkish shift in the Federal Reserve's outlook for policy rates over 2025, concerns about India

So far in FY25 (up to October), Indian corporates have raised around Rs 35,000 crore from overseas investors through bonds

The firm had planned to raise funds via dollar denominated bonds maturing in three years and six months

The current dollar tranche would consist of a 5.5-year, 10.5-year and 30-year dollar bond, a term sheet seen by Reuters showed. Alibaba is also working on a 3.5-year, 5-year, 10-year and 20-year

The country's largest gold finance company will pay a semi-annual coupon of 6.3750 per cent on this issue, the bankers said, adding that bids opened on Wednesday and closed earlier in the day

Investors were seeking higher yields due to broader market uncertainty related to the US presidential elections and domestic political risks which could impact the bond issuers' repayment ability

Dollar bond sales from Indian issuers are running at their highest in three years, with companies raising about $10 billion so far in 2024, as spreads on dollar debt hover near their lowest in decades

Refinancing will improve liquidity and help in reinvestment, says company

Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday raised USD 900 million in its first dollar bond issue in more than two years to prepay existing bonds. In a statement, the firm said it has raised UDS 900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond. "The net proceeds from the offering of the bonds will be used to repay certain of Vedanta's existing bonds (including any accrued interest thereto) and to pay any related transaction costs in connection thereto," it said. This is the first US dollar bond issued by Vedanta since February 2021. The bond received final orders of USD 1.45 billion from investors across the globe representing an oversubscription of over 1.6 times, reinforcing the confidence of these investors in the Vedanta story, the statement said. "The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41 per cent from Asia, 24 per cent from EMEA an

The clean energy company, backed by Singapore's GIC sovereign wealth fund, will draw on the newly sanctioned credit line to refinance two sets of dollar bonds maturing in January and July 2025

The non-banking finance company will use the proceeds for onward lending and other activities permitted under external commercial borrowing guidelines

Barclays, CLSA, Deutsche Bank, Elara Capital, Emirates NBD Capital, Nuvama and UBS are the joint book runners for the issue

Since then, most of the group's foreign bonds are back above the levels they traded at before the Hindenburg report, giving the company comfort to look at a fresh issue of dollar bonds

Adani Green Energy recently completed the funding to redeem its $750 million bonds due in September, eight months before they mature

The rupee appreciated 16 paise to 82.82 against the US dollar in early trade on Friday supported by positive domestic equities, as the interim budget focused on higher capex and faster fiscal consolidation. Forex traders said the interim budget had a positive impact on the domestic currency as it highlighted a reduction in the fiscal deficit to 5.1 per cent of GDP for FY25. Moreover, the weakness of the American currency in the overseas market also boosted sentiments. At the interbank foreign exchange, the rupee opened at 82.91 against the dollar and then touched a high of 82.82, registering a gain of 16 paise over its previous close. The rupee appreciated by 6 paise to close at 82.98 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in interim budget for 2024-25. Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 per cent for the next fiscal to sustain a world-beating economic growth rate

The MSCI world equity index, which tracks shares in 49 nations, gained 0.12%, after earlier hitting its highest level in almost two years

The rupee closed at 83.1225 against the U.S. dollar, barely changed from its close at 83.1375 in the previous session

Comments from European Central Bank officials downplaying the idea of early rate cuts overshadowed the outlook for borrowing costs globally

S&P Global Ratings had assigned a BBB long-term issue rating to benchmark-sized notes that the London branch of SBI issued