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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank's US$ 200 Mn Issue Receives Around Four Times Subscription
Export-Import Bank of India, India's premier export finance institution, launched successfully its third Reg S bond offering on April 14, 2010. The issue was completed within 8 hours of launch and attracted subscription of around four times the issue size.
The 5-year US$ 200 mn Eurodollar bond issue was priced at 179 basis points over USD LIBOR, cutting through the current secondary trading levels of similar bonds and achieving a pricing tighter than the Bank's own US$ 300 mn Reg S bond issue in January 2010. The issue attracted more than US$ 750 mn for issue size of US$ 200 mn. The allocation was made to 84 investors across the globe. Citigroup and Deutsche Bank acted as Joint Lead Managers and book runners for the offering. Exim Bank of India has been rated as 'BBB-' by Standard and Poor's and 'Baa3' by Moody's, same as the rating of Government of India.
The offer received strong institutional response across various investors such as asset management companies, banks and pension funds/ insurance companies. Over 67 per cent of the issue was distributed to Asian investors with the remainder primarily to European investors. Shri N. Shankar, Executive Director, Exim Bank said that the success of the issue at such a short notice underlined the confidence of the investors in Exim Bank as the sole Indian export credit agency and a quasi sovereign entity. The Bank's foreign currency borrowings constituted 39 per cent of its total borrowings and the issue is a part of the Bank's conscious strategy to diversify its investor base, he added. The bond issue is one of the ways in which the Bank seeks to leverage its Government of India ownership and strong standalone financials to raise resources through a variety of instruments and a diversified investor base, thereby enabling it to extend financial assistance to Indian exporting companies at competitive rates.
Exim Bank aims to promote India's international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank aggressively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.
For further information, please contact
Ms. Harsha Bangari,
Deputy General Manager,
Corporate Finance Group,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai-400005.
Telephone: (022) 22181489,
Fax: :(022) 22182497.
E-mail:
harsha@eximbankindia.in
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