Indian lender Yes Bank plans to buyback offshore bonds amounting to $200mn issued under its Medium Term Note (MTN) program. As per an exchange filing, Yes Bank’s repurchase will be done at 100% of the principal amount of the notes during an early tender offer period expiring on June 15. However, it would pay 97% of the principal amount of the notes after the end of the early tender period expires, but at or before the expiry of the overall offer deadline of June 30. It is stated that a board meet has been conducted to consider the exercise of certain rights available to the bank under the terms and conditions of the MTN set up for an amount of $1bn. In May, Yes Bank’s Managing Director Prashant Kumar said that the bank was planning to raise around $1bn in the current financial year to strengthen its capital ratios.

Yes Bank’s dollar bonds were trading flat with its 3.75% 2023s at 98.78, yielding 5.65%.

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