Kotak Mahindra Bank sells $650 million debut 5-year US dollar bond
Kotak Mahindra Bank just pulled off its debut five-year US dollar bond, raising $650 million from international investors.
Thanks to strong demand, especially from Asia and Europe, the bonds were priced more attractively than expected, and the offer was oversubscribed with $2.1 billion in orders from asset managers and pension funds.
Kotak bond yields 5.47% S&P BBB
The bond offers a 5.47% yield and holds a BBB rating from S&P, matching India's investment-grade status.
Arranged by big names like Standard Chartered, HSBC, Citibank, and JP Morgan, Kotak skipped US investors to focus on other global markets, hosting roadshows in Singapore and virtual meetings with potential backers in Hong Kong and London.
This move follows ICICI Bank's successful bond sale earlier this year, highlighting growing global confidence in Indian banks.