HDFC Bank plans $1bn US dollar GIFT City bond sale
HDFC Bank, India's biggest private bank, is gearing up to raise $1 billion by selling US dollar bonds through its GIFT City branch, with at least $500 million each through three-year and five-year bonds.
This marks its second international bond move in just two months, as Indian banks hurry to lock in overseas funds before a special Reserve Bank of India (RBI) facility ends on August 31.
Investor meetings ahead of Friday pricing
Investor meetings are happening now, with final pricing expected by Friday.
If all goes as planned, HDFC Bank will have raised $1.75 billion from overseas bonds since June, putting it right behind ICICI Bank among Indian private lenders for global fundraising.
Overall, Indian lenders have pulled in $7.55 billion via US dollar bonds since the RBI rolled out its discounted hedging offer earlier this year.