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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank's Eurodollar Issue Receives Over Five Times Subscription
Ms. Ravneet Kaur, CMD Exim Bank signed the Subscription Agreement on January 26, 2010 in London, while Mr. N. Shankar, Executive Director, who launched the roadshow in Singapore on January 21, 2010 was present with other officials/arrangers of the facility
Export-Import Bank of India, India's premier export finance institution, launched successfully its second Reg S bond offering in London on January 26, 2010. The issue represents Exim Bank's foray in the Reg S markets after its successful Euroyen FRN issue in May 2007.
The 5-year US$ 300 mn Eurodollar bond issue was priced at 180 basis points over USD LIBOR, cutting through the current secondary trading levels of similar bonds. The issue attracted more than US$ 1.5 bn orders for issue size of US$ 300 mn. 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. With the strong institutional response to the offering, Mrs. Ravneet Kaur, Chairperson and Managing Director of the Bank, leading the Bank's team in London, said that success of the issue underlined the confidence of the investors in Exim Bank as the sole Indian export credit agency and a quasi-sovereign entity.
The roadshow was launched at Singapore by Mr. N. Shankar, Executive Director of the Bank, on January 21, 2010 and the team moved on to Hong Kong before concluding in London. The offer received strong institutional response across various investors such as asset management companies, banks and pension funds/ insurance companies. Over 77 per cent of the issue was distributed to Asian investors with the remainder primarily to European investors. Mr. Shankar said that the Bank's foreign currency borrowings constituted 43 per cent of its total borrowings and that the issue is a part of the Bank's conscious strategy to diversify its investor base. 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 400 005.
Telephone: (022) 22181489,
Fax:(022) 2282497.
E-mail:harsha@eximbankindia.in
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