HDFC Bank raises $750 million via GIFT City bonds paying 5.067%
Business
HDFC Bank just raised $750 million by selling dollar bonds through its GIFT City unit.
The money will help fund its banking operations, and these bonds will pay 5.067% interest each year until they mature in June 2031.
Moody's and S&P expect investment grade
The bonds start paying interest every six months from December 2026, and are set to be listed on India INX and NSE IFSC. Ratings agencies Moody's and S&P expect them to be investment grade.
Meanwhile, HDFC Bank's stock has bounced back a bit lately, up 6.7% over four days, but it's still down about 20% over the past six months.