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HDFC Bank raised $1.75bn via a two-trancher. It raised $500mn via a 3Y bond at a yield of 5.159%, 32bp inside initial guidance of T+120bp area. It also raised $1.25bn via a 5Y bond at a yield of 5.401%, 30bp inside initial guidance of T+130bp area. The senior unsecured notes are rated Baa3/BBB (Moody’s/S&P). Proceeds will be used to meet funding requirements of foreign offices, expand business in foreign offices, and for general corporate purposes. The 5Y was priced at a new issue premium of ~10bp compared to its existing 5.067% 2031s, that currently yield 5.31%
New Bonds Pipeline
Yes Bank $ 3Y senior notes