December 2016 Current Affairs

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Exim Bank raises $1 billion from overseas bonds

Exim Bank raises $1 billion from overseas bonds
02 August 2016 Current Affairs: Export-Import Bank of India (Exim Bank) has announced raising of $1 billion (about Rs 6,700 crore) by selling bonds to overseas investors.

Initially announced for $500 million, the issue was upsized to $1 billion based on strong demand from the investors.

The issue attracted a total order book in excess of $2.50 billion from over 157 investors. This was the largest issuance ever for Exim Bank and also the largest single tranche issuance out of India in 2016.

The bank is the closest proxy to sovereign in the international markets and the 10 year issuance was based on investors' feedback, so that benchmark 10 year curve out of India could be established.

The funds thus raised will be used by the bank to support Indian project exports, overseas investment by way of long term credit and its lines of credit portfolio.

Having initially marketed the deal at 210 basis points over US Treasuries, the bank was able to achieve a final pricing of 187.5 basis points over US Treasuries, to yield 3.383% on a coupon of 3.375% resulting in negative new issue premium against a very strong market backdrop.

Exim Bank aims to promote India's international trade and investment.

The bank supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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