Exim Bank rings bell at INDIA INX with USD 500 mn bond listing

Mumbai, March 27, 2019: The bell ringing ceremony for the USD 500 million bond issuance was conducted on the 27th March 2019 at BSE by Shri David Rasquinha, Managing Director, Export-Import Bank of India (Exim Bank) and Shri Debasish Mallick, Deputy Managing Director, Export-Import Bank of India (Exim Bank), in the presence of Shri Ashishkumar Chauhan, Chairman, India International Exchange (INDIA INX) and Shri V. Balasubramaniam, MD & CEO, India International Exchange (INDIA INX). Exim Bank, on 5th March, 2019, had successfully launched a Reg-S 5 year Bond issue of USD 500 mn. The issue attracted a total order book in excess of USD 1.7 billion at close, thereby achieving more than 3.4 times over subscription of the issue size from 117 high-quality investors. The funds thus raised will be used by the Bank to support Indian project exports, overseas investment by way of long term credit and its lines of credit portfolio. The transaction was priced at the fair value of CT5+140 bps, well inside the initial price guidance of CT5+165 bps area, representing significant price tightening of 25 bps, implying nil new issue premium. In terms of geographic distribution, the bonds were distributed 87% in Asia and 13% in the Europe and offshore US. HSBC Bank and Standard Chartered Bank acted as Joint Lead Managers and book runners for the offering. Exim Bank of India has been rated as ‘Baa2 (Stable)’ by Moody’s and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India. Speaking on the occasion, Mr. David Rasquinha, Managing Director of Exim Bank, said, “Exim Bank is one of the consistent issuers out of India in international markets, considering that Exim Bank’s balance sheet is predominantly USD denominated. Exim Bank is a frequent issuer in the Reg-S and 144A markets and the Bank’s recent USD 500 mn Reg-S issuance was a very successful issue. All Exim Bank’s bonds are already listed on India INX and we are very proud that this Reg-S issue can also be traded on the exchange. Exim Bank continues to look forward to strengthening the relationship with India INX for its future issuances.” Mr. Debasish Mallick, Deputy Managing Director said “Exim Bank is very happy to list all its bonds on the India INX platform. Today’s ceremony is to mark the listing of Exim Bank’s recent Reg-S issuance of USD 500 mn on the India INX platform. In the days to come we expect higher trading volumes in the market through listing of many more bonds. We hope that Exim Bank will be then remembered to have played a pioneering role towards the same. It is a proud moment for all of us at Exim Bank.”