By Sarah Lizee
Olympia, Wash., Jan. 14 – Export-Import Bank of India (Exim Bank) priced $1 billion of 3¼% 10-year bonds (BBB-/BBB-) on Jan. 6 to yield U.S. Treasuries plus 150 basis points, according to a press release.
The Rule 144A and Regulation S issue attracted a total order book in excess of $2.7 billion at close, achieving more than 2.7x subscription.
The funds will be used by the bank to support project exports, overseas investment by way of long-term credit and its lines of credit portfolio.
Pricing was inside initial price guidance in the Treasuries plus 175 bps area.
Barclays, Citigroup, HSBC, JPMorgan, MUFG and Standard Chartered acted as joint lead managers and bookrunners for the offering.
The financial institution is based in Mumbai.
| Issuer: | Export-Import Bank of India
|
| Issue: | Bonds
|
| Amount: | $1 billion
|
| Maturity: | 10 years
|
| Bookrunners: | Barclays, Citigroup, HSBC, JPMorgan, MUFG and Standard Chartered
|
| Coupon: | 3¼%
|
| Spread: | U.S. Treasuries plus 150 bps
|
| Pricing date: | Jan. 6
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Initial price guidance: | U.S. Treasuries plus 175 bps
|
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