Exim Bank of India lists USD 1 bn bond on AFRINEX

In a statement, it said the listing was done virtually, during the launching ceremony of AFRINEX on October 25. 

Prime Minister of Mauritius, Pravind Kumar Jugnauth, High Commissioner of India to Mauritius, K Nandini Singla, and Managing Director of India Exim Bank, Harsha Bangari, rang the digital bell on AFRINEX. 

The transaction at a coupon of 2.25 per cent p.a. marked a record low for any Indian issuer for a 10-year US dollar issuance. 

This issue was 3.5 times oversubscribed by several high-quality investors. 

The Bank, which has a substantially dollarised balance sheet, is one of the largest Indian issuers of long-term debt in the international debt capital markets and its paper is treated as quasi-sovereign. The funds thus raised have been used by the Bank to support Indian project exports, overseas investments by way of long-term credit and its export lines of credit portfolio.