Chicago, Jan. 6 – Export-Import Bank of India sold $1 billion of 2¼% 10-year notes (BBB-/BBB-), according to a press release.
Initial guidance was CT10 plus 185 basis points.
The bonds priced with a spread of CT10 plus 145 bps.
The debt of the bank is treated as quasi-sovereign.
The issue was twice oversubscribed early in the day when the Eastern markets opened and after U.S. investors joined, books stood more than 3.5x oversubscribed.
Proceeds will be used to support Indian project exports, overseas investment by way of long-term credit and its export lines of credit portfolio.
Barclays, Citigroup, HSBC, J.P. Morgan, MUFG and Standard Chartered were joint lead managers and bookrunners for the issue.
The issuer is a Mumbai-based bank.
| Issuer: | Export-Import Bank of India
|
| Issue: | Notes
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| Amount: | $1 billion
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| Tenor: | 10 years
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| Bookrunners: | Barclays, Citigroup, HSBC, J.P. Morgan, MUFG and Standard Chartered
|
| Coupon: | 2¼%
|
| Spread: | CT10 plus 145 bps
|
| Pricing date: | Jan. 4
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Price talk: | CT10 plus 185 bps
|
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