Bank of India mops up $500m via bond issue
Sunday, 28 March 2010
MUMBAI, Mar 27 (PTI): Taking a cue from its bigger counterparts like State Bank of India and ICICI Bank, Government-owned lender, Bank of India has tapped the international market to raise $500-million through a bond issue.
The bank today said that it raised $500-million under its Medium Term Notes (MTN) programme at an interest rate of 4.75 per cent. The bonds have been swapped into a floating rate of 175 basis points above Libor.
An MTN programme allows an issuer to raise funds on an ongoing basis through various products such as floating rate notes or on a fixed rate after obtaining prior regulatory and other approvals.
The bank today said that it raised $500-million under its Medium Term Notes (MTN) programme at an interest rate of 4.75 per cent. The bonds have been swapped into a floating rate of 175 basis points above Libor.
An MTN programme allows an issuer to raise funds on an ongoing basis through various products such as floating rate notes or on a fixed rate after obtaining prior regulatory and other approvals.