IDFC FIRST Bank completes 1st-ever $500 million international 3-year bond sale
Business
IDFC FIRST Bank just pulled off its first-ever international bond sale, raising $500 million.
These bonds will run for three years, pay a 5.625% interest rate, and were priced through its IFSC Banking Unit at GIFT City to investors outside the US a big step for the bank on the global stage.
Investors back IDFC FIRST bonds
Major players like BlackRock, Capital Group, and AllianceBernstein jumped in as investors.
The money raised will help IDFC FIRST Bank fund its growth plans and expand lending.
CFO Sudhanshu Jain, chief financial officer and head of corporate center at IDFC FIRST Bank, called it a way to diversify funding sources and tap into global markets, something more Indian banks are now exploring to keep growing strong.