Exim Bank Bonds fully subscribed to rs.400 crores
Exim Bank entered the market for a private placement of 13.5% Bonds 1998 for an amount of Rs.200 crores with an option to retain an additional Rs.200 crores. Despite fine pricing, Exim Bank Bonds received tremendous market response and the Bank after exercising the greenshoe option decided to close the issue at Rs.400 crores.
Exim Bank enrered the market second time after its maiden bond issue in January 1996. The scarcity value of Exim Bank's paper which enjoys the highest credit ratings from both CRISIL and ICRA explains the high level of interest in Exim Bank Bonds.
Exim Bank's second bond issue lead managed by DSP Merrill Lynch Ltd. and SBI Capital Market Ltd. carries coupon rate of 13.5% per annum and tenor of the bonds is 10 years with put and call options at the end of 5 years and 7 years.
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