HDFC Bank to sell $1 billion in dollar bonds abroad
Business
HDFC Bank is gearing up to raise $1 billion by selling dollar bonds abroad, joining other private Indian banks aiming to raise up to $3 billion through similar deals.
Federal Bank, Kotak Mahindra Bank, RBL Bank, and Yes Bank are also in on the action, each separately considering raising between $250 million and $500 million through bonds or loans.
RBI swap window drew over $4bn
The RBI's concessional foreign exchange swap facility has made it cheaper for banks to get foreign cash: so far, they have brought in more than $4 billion this way.
But the window closes December 31, so banks like HDFC are moving fast to lock in funds while costs are low.