Export and Import Bank of India (EXIM) is planning to raise about $1bn via 10Y offshore bond in January 2022 predominantly for its lending operations. EXIM has been an issuer of dollar bonds in January in the last two years, raising $1bn each this year and last year during the month. As per Business Standard, while the recent upgrade of India’s outlook by Moody’s to stable from negative will benefit the fundraise, it would be difficult to quantify the benefit in costs of the issuance. “In 2021-22 (FY22), EXIM does not have huge debt servicing obligations and would raise around $2 billion for the current year”, said Managing Director Harsha Bangari.
EXIM’s dollar bonds were slightly lower with its 2.25% 2031s down 0.5 to 92.33, yielding 3.21%.
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