EXIM Bank to raise $300 million via RBI-hedged 3-year bonds
EXIM Bank of India is gearing up to raise $300 million by selling three-year dollar bonds, priced just above the SOFR benchmark.
It is tapping into a special RBI facility that helps lower borrowing costs and keeps currency risks in check, a smart move as global markets stay unpredictable.
Cbonds predicts $5 billion by September
This isn't EXIM's first rodeo this year. It already raised $500 million each through 10-year and 30-year bonds earlier.
Thanks to RBI's hedging scheme, big names like Power Finance Corporation, HDFC Bank, and Axis Bank have collectively secured about $2.15 billion through similar bonds.
Maksim Zenkov, deputy head of emerging markets fixed income at Cbonds, thinks total fundraising under this setup could see around $5 billion of bond issuances to come by the end of September, as banks and state-run companies look for cheaper ways to borrow and steady the rupee during tough economic times.