HDFC Bank Raises $750 Million in 5-Year GIFT City Bonds as RBI Swap Plan Spurs Peers
Updated
Updated · The Economic Times · Jun 20
HDFC Bank Raises $750 Million in 5-Year GIFT City Bonds as RBI Swap Plan Spurs Peers
2 articles · Updated · The Economic Times · Jun 20
Summary
$750 million was raised by HDFC Bank on Tuesday through a five-year dollar bond sold to overseas investors via GIFT City, its first overseas issue since February 2024.
90 basis points over the five-year US Treasury was the pricing, bankers said, marking the tightest spread over the US benchmark achieved by an Indian private-sector bank.
RBI unveiled the special swap window on June 5 to attract overseas dollars and support the rupee, which had been sliding about 1% a month since FY26 before recovering to 94.32 per dollar.
SBI could follow as early as Monday, bankers said, while other banks and PFC may tap existing medium-term note programs for smaller issues of up to $500 million.