At least 4 Indian banks pause US dollar bond sales
Business
Several Indian banks are putting their US dollar bond sales on hold because borrowing from abroad has suddenly gotten a lot more expensive.
With US Treasury yields climbing to nearly 5% and the rupee slipping, at least four lenders have decided it's just not worth the cost right now.
Banks pause $2.5bn RBI facility plan
Banks like Canara Bank, Punjab National Bank, and Bank of India had hoped to raise $2.5 billion using the Reserve Bank of India facility, but higher costs, up by as much as 100 basis points over local funding, have made them rethink.
Still, some banks managed to raise funds earlier this year, while smaller banks are waiting for better deals before jumping in.