HDFC Bank raises $750 mn in dollar bond sale
1 min read . Updated: 24 Feb 2023, 06:29 AM IST
PremiumHDFC Bank it will be paying a coupon of 5.686 per cent and will have a three year maturity
The country's largest private sector lender HDFC Bank on Thursday announced that it has raised $750 million through a dollar bond sale.
“HDFC Bank Limited acting through GIFT City IFSC Banking Unit has completed the issue of 750 Million US$ Senior Unsecured Bonds," said the bank in its regulatory filing.
HDFC Bank said it will be paying a coupon of 5.686 per cent. The USD denominated senior unsecured instruments will have a three year maturity, with settlement on 2 March 2023, and the maturity on 2 March 2026, according to an exchange filing.
The paper, rated Baa3 by Moody's Rating Services and BBB- by S&P. It will be listed on the India International Exchange, said HDFC Bank in the filing.
HDFC Bank’s dollar bond follows the ₹25,000 crore bond issuance by parent Housing Development Finance Corporation (HDFC) last week.
HDFC, which is in the process of merging itself with the bank, offered to pay a coupon of 7.97% for the 10-year bonds. That compares with the benchmark bond, which is trading at around 7.36%.
HDFC Bank Ltd has reported rise in net profit by 18.50 per cent to ₹12,259.50 crore in the quarter ended December 2022. This is against a net profit of ₹10,342.20 crore in the year ago period.
The private lender reported robust growth in net interest income (NII). In recently ended December 2022 quarter, HDFC Bank has reported NII of ₹22,987.9 crore, around 24.60 per cent higher from its NII of ₹18,443.50 crore in the corresponding quarter last fiscal.
The HDFC Bank scrip had closed 0.69 per cent down at ₹1,603.35 a piece on the BSE on Thursday, as against a 0.23 per cent correction on the benchmark.