Indian Banks Plan $2.5 Billion Bond Sales as RBI Swap Cuts Dollar Borrowing Costs
Updated
Updated · Bloomberg · Jun 19
Indian Banks Plan $2.5 Billion Bond Sales as RBI Swap Cuts Dollar Borrowing Costs
3 articles · Updated · Bloomberg · Jun 19
Summary
At least four Indian lenders are preparing about $2.5 billion of bond sales in coming weeks, using a Reserve Bank of India facility that lowers the cost of dollar funding.
State Bank of India may raise as much as $1 billion, while Axis Bank, Bank of Baroda and Power Finance Corp. each plan at least $500 million, according to people familiar with the plans.
Most of the planned borrowing is expected to carry five-year maturities, pointing to a coordinated push to lock in cheaper offshore funding through the RBI swap window.