HDFC Bank raises $1.75 billion via GIFT City bond sale
Business
HDFC Bank has raised $1.75 billion by selling bonds to international investors from its GIFT City branch, making it the largest such move by an Indian bank in nearly two decades.
The deal wrapped up on August 20, split into two parts: one set of bonds matures in three years, and the other in five.
Tranches: $500 million 3-year and $1.25B 5-year
There is a $500 million batch for three years at 5.159% interest, and a $1.25 billion batch for five years at 5.401%.
Investors get paid interest every six months, with settlement happening on August 26.
These are senior unsecured notes (meaning no collateral), expected to carry Baa3 and BBB ratings, and they were not available to Indian residents per the rules of this issue.