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Exim Bank today hit the international debt market with a benchmark issue to raise over $500 million by selling senior unsecured notes to overseas investors.
"The Exim Bank has hit the market with a benchmark 5.5 year issue as part of its $6 billion medium term notes. The issuer has given an initial price guidance of 175 bps over the US treasury. The issue will be priced during the London market hours," merchant banking sources told PTI here.
This is the fourth international bond sale by domestic entities this year, out of which two were by Reliance Industries, which last night closed a $750 million deal, within a fortnight of it raising $1 billion.
The issue has been assigned Baa3 ratings with a stable outlook by Moody's.
The Baa3 rating is the same as government's rating.
"The proposed notes, to be issued through the bank's head office under its $6 billion medium term note programme, will have 5.5 year maturity and will be listed on the Singapore Exchange. The rating outlook is stable," Moody's said in a note from Singapore.
The Exim Bank could not be immediately contacted for comments.
