Indian lenders to raise at least $2bn overseas next week
SBI, Axis Bank, Bank of Baroda, and Power Finance Corporation are gearing up to raise at least $2 billion from overseas next week.
They're tapping into a special RBI incentive (basically a 1.5% fixed-rate swap deal) to bring in foreign funds and help steady the rupee, which recently bounced back to ₹94.32 per dollar.
SBI eyes up to $1bn
SBI is eyeing up to $1 billion, while the others could look for smaller amounts, with issues of up to $500 million.
Thanks to their ready-to-go fundraising programs (called MTNs), they can move fast with investors already lined up.
This comes right after HDFC Bank's big $750 million bond sale earlier this week, one of the tightest deals for any Indian private bank lately.
Expect a busy few days ahead, with fresh fundraising happening almost every day between June 22 and 25.