India’s largest private sector bank HDFC Bank on August 19 said it raised $1 billion by issuance of Additional Tier 1 notes in the overseas markets.
HDFC Bank on August 19 said it has raised $1 billion by issuance of Additional Tier 1 bonds.
The bank said in a release that it was able to successfully price its $1 billion issuance of Additional Tier 1 (AT1) notes in the overseas markets on August 18, 202.
The AT1 bonds were dollar denominated, Basel III compliant and priced at 3.70 percent, 42.5 basis points lower than the initial price guidance.
The bank said the issuance has been given a provisional rating of Ba3 by Moody’s Rating Services and is one of the tightest pricing by any bank from Asia.
The fund raise happens to be the largest dollar AT1 offering by any bank from India.
Ashish Parthasarthy, Treasure at HDFC Bank said, “We believe that this successful issuance will set the road for other Indian players looking to raise AT1 bonds in the overseas markets. We are confident that the recovery in the Indian economy will pick up pace, with falling caseloads and increased vaccination coverage.”
The AT1 notes will be listed on the India International Exchange (IFSC) Limited.HDFC Bank raises $1 billion through AT1 bonds, pricing at 3.7% - Moneycontrol.com
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