Bank of Baroda raises $700 million in international bonds
Business
Bank of Baroda (BoB) is making moves, raising $700 million through its first international bond sale since 2019.
It split the amount between three-year and five-year bonds, both offering solid returns and priced just above US Treasury rates.
This is a big step for BoB as it taps into global markets again.
BoB bond sale saw $2.7 billion
The bond sale drew huge interest, with orders peaking at $2.7 billion, from asset managers and pension funds.
BoB plans to use the money to offer loans to wealthy overseas clients, helping boost foreign currency inflows into India as per RBI guidelines.
Just FYI, State Bank of India did something similar this week, showing Indian banks are looking abroad for funding.