IndusInd Bank Limited priced its maiden USD Bond issuance in the offshore public markets. The Bank raised USD 400 million at a coupon rate of 3.875% per annum, payable semi-annually. Notes will be listed on Singapore SGX and the India INX, Gift City.
The issue received an overwhelming response and saw strong interest from investors across Asia and EMEA with a final order book in excess of USD 1.4 billion across 130 accounts. On the back of strong demand, the guidance was revised from T+210 area to T+185 (the number). The Notes carry a final rating of Baa3 from Moody's.
The successful issuance demonstrates the strong credit quality of IndusInd Bank and investors' affinity towards the Bank. IndusInd Bank has created a successful benchmark for itself in offshore capital markets through its debut issuance.
Commenting on the occasion, Mr Romesh Sobti, Managing Director and CEO, IndusInd Bank said "IndusInd Bank has made a successful debut in the offshore bond markets through a benchmark 3 year issuance. We are happy to see the response received on this offering to global fixed income investors. This gives the Bank not only an important source of funds diversification, but also an enhanced capability to support the growth aspirations of our Indian clients that are expanding in the region and globally."
BofA Merrill Lynch, Barclays, Citigroup, CLSA, HSBC (B&D), J.P. Morgan and Standard Chartered Bank acted as Joint Bookrunners and Joint Lead Managers for this offering.
Shares of INDUSIND BANK LTD. was last trading in BSE at Rs.1768.15 as compared to the previous close of Rs. 1751.75. The total number of shares traded during the day was 70151 in over 2165 trades.
The stock hit an intraday high of Rs. 1772.4 and intraday low of 1731. The net turnover during the day was Rs. 123023450.