Axis Bank raises $350 million through bond issue
26 Mar 2010
Axis Bank, the third largest private sector bank in India, on Thursday sold 5-1/2-year bonds worth $350 million to qualified institutional investors under its existing $2 billion European Medium Term Note (EMTN) programme.
The transaction was priced 275 basis points above the US treasury (at the tighter end of the final guidance of T+275-280). The transaction was over within 10 hours of announcement.
Axis Bank has upsized its original transaction size of $300 million to $350 million to accommodate the additional investor demand.
"The bonds were allocated to high-quality investors and the 4 times covered orderbook was well diversified," the bank said in release, adding, "Bids were received from banks, fund managers and private banks and allocations were made to more than 100 investors across Asia and Europe."
Axis Bank has a network of over 900 branches and extension counters and over 4,000 ATMs across 600 cities and towns in the country and a customer base of over 10 million.
Axis Bank has the second largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country
Axis Bank offers a vast spectrum of services to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment.
Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and is planning to expand its international presence further.
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