Export-Import Bank of India raises $1B from bond issue

Export-Import Bank of India on Jan. 4 raised $1 billion through a 10-year bond issuance with a 2.25% coupon rate.

The bond issuance was initially launched in Hong Kong and Singapore and became 2x oversubscribed within three hours. At close, the issuance was more than 3.5x oversubscribed as U.S. investors came in, according to a Jan. 5 news release.

The bonds were distributed 55% in Asia, 29% in the U.S. and 16% in the Europe, Middle East and Africa region. Fund managers purchased around 68% of the bonds, followed by 17% from sovereign wealth funds, central banks and insurance companies. The rest of the issuance was distributed among banks at 14% and private banks and others at 1%.

The lender said it will use the funds raised to support Indian project exports, overseas investments through long-term credit, and its export lines of credit portfolio.

Barclays, Citigroup, HSBC, JPMorgan, MUFG and Standard Chartered were the joint lead managers and bookrunners for the offering.