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India's Axis Bank sets up US$5B note program

India's Axis Bank Ltd. said Oct. 1 that it established a global medium-term note program worth US$5 billion.

Notes issued under the program will be listed on the London Stock Exchange and the Singapore Exchange Securities Trading Ltd.

The lender plans to use net proceeds from each issuance under the scheme to boost its overseas operations, among other things.

Axis Bank Ltd.'s Singapore branch, Citigroup Global Markets Singapore Pte. Ltd., The Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank are the program's arrangers and dealers.