Wednesday , 12 August 2020
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Exim Bank raises US$ 1 billion for 10 year tenor

Mumbai: The Export-Import Bank of India, on January 06, 2020, successfully priced a 10 year Bond of US$ 1 bn, its third transaction in the 144A/Reg S format. The transaction marks lowest coupon from any Indian issuer for a 10 year USD issuance. The issue attracted a total order book in excess of US$ 2.7 billion at close, thereby achieving more than 2.7 times subscription from 184 high-quality investors. The funds thus raised will be used by the Bank to support Indian project exports, overseas investment by way of long term credit and its lines of credit portfolio. The transaction was priced at the fair value of CT10+150 bps, well inside the initial price guidance of CT10+175 bps area, representing significant price tightening of 25 bps and zero new issue premium. Exim Bank of India has been rated as ‘Baa2 (Negative)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Stable)’ by Fitch, same as the rating of Government of India. Exim Bank aims to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank aggressively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes. NT

Equitas SFB waives off non-maintenance charges on all savings accounts

Mumbai: Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank (“SFB”) has waived off non-maintenance charges on all savings accounts in the New Year. Murali V, President and Country Head – Branch Banking, Liabilities, Product and Wealth, Equitas Small Finance Bank Ltd, said,  “We also distribute products through digital channels, and leverage technology to identify opportunities to better serve our target customer segment. To this end, we have introduced facial recognition features for transaction authentication in our mobile banking application.” NT

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