 "bonds, mutual funds, dividends, NPAs, income, investment, savings, finance, PF")
Mid-scale private sector lender Yes Bank is in the global debt market with a $300 million bond issue, as part of its $1 billion global medium-term note programme.
Interestingly, this is the first overseas debt sale by a domestic issuer from the International Finance Centre at the Gift City in Ahmedabad.
According to an investment banker working on the issue, the drawdown will be from Yes Bank's IFSC banking unit at the Gujarat International Finance Tec-City (Gift City), and will be listed on the London Stock Exchange International Securities Market, Singapore Exchange Securities Trading, and the India International Exchange IFSC.
Since the beginning of the New Year and ahead of the rate tightening in the West, a lot of domestic issuers have lined up debt issuances.
Last week Exim Bank had hit the market with a benchmark issue (any amount above $300 million) with a Reg S 144A issue which is a debt sale into which resident American investors could subscribe to.
Moody's Investors Service has given Baa3 rating to the proposed dollar note drawdown.
"We've assigned a Baa3 rating to Yes Bank's proposed senior unsecured notes, issued under its USD 1-billion MTN programme," Moody's said in a note today.
The agency has also given a stable rating outlook to the issue which will be closed tonight.
