Axis Bank raises $800 million via AT1 and senior bonds
Axis Bank pulled in $800 million this week by selling two types of dollar bonds, tapping into the Reserve Bank of India's special swap facility.
The deal included $500 million from perpetual AT1 bonds and $300 million from a five-year senior bond, showing that global investors are pretty enthusiastic about India's banking scene right now.
Axis Bank attracts over $2.2bn bids
Investors threw in over $2.2 billion worth of bids, with Asian buyers leading the charge thanks to Regulation S rules.
Names like BlackRock and Ninety One Asset Management showed up.
The senior bond landed a lower-than-expected spread over US Treasuries (110 vs. 130 basis points), and the AT1 bond got a better rate too, 6.87% instead of 7.12%.
Axis will use some of these funds to refinance older bonds and benefit from RBI's fixed-rate swap perks.