{"id":68560,"date":"2018-03-16T03:50:18","date_gmt":"2018-03-16T03:50:18","guid":{"rendered":"http:\/\/www.bnreport.com\/hdfc-bank-first-lender-to-raise-rs-2300-cr-via-masala-bonds\/"},"modified":"2018-03-16T03:50:18","modified_gmt":"2018-03-16T03:50:18","slug":"hdfc-bank-first-lender-to-raise-rs-2300-cr-via-masala-bonds","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/hdfc-bank-first-lender-to-raise-rs-2300-cr-via-masala-bonds\/","title":{"rendered":"HDFC Bank, first lender, to raise Rs 2,300 cr via Masala bonds"},"content":{"rendered":"

HDFC Bank, among the world\u2019s most valuable commercial lenders, Thursday became India\u2019s first high-street bank to draw about Rs 2,300 crore in an attractively priced masala bond<\/a> sale that signals the revival of overseas demand for local debt paper. <\/p>\n

Denominated in rupees instead of dollars, the HDFC Bank<\/a> paper was oversubscribed nearly two times, said two people aware of the sale. There were about 40 investors in the bond-sale from Europe and Asia. <\/p>\n

\u201cHDFC Bank has retained oversubscription partly,\u201d one of the persons cited above told ET. <\/p>\n

The bonds are of seven-year maturity and offered 8.10%, five basis points less than its initial guidance, said a banker with direct knowledge of the matter. <\/p>\n

Global investors normally buy masala bonds because they earn better rates on them than in dollar-denominated bonds, but investors carry the exchange-rate risks. <\/p>\n

Barclays, Standard Chartered Bank, and HSBC<\/a> are some of the bankers that are helping HDFC Bank raise the money. Bonds will be listed on the Singapore Exchange Securities. <\/p>\n

Rating company Moody<\/a>'s Investors Service has assigned a Baa2 rating to HDFC Bank\u2019s proposed bond sale. The grade is one notch higher than the investment grade. The bonds are issued under the bank's USD3 billion Medium Term Note (MTN) programme. <\/p>\n

\u201cHDFC Bank's deposit and senior unsecured ratings could be upgraded, if India<\/a>'s sovereign rating is upgraded,\u201d Moody\u2019s said in a note. <\/p>\n

Baa2 reflects the bank's standalone credit strength and prudent underwriting<\/a> policies, which have led to its superior financial performance when compared with similarly rated peers in India. <\/p>\n

HDFC Bank reported a 20% increase in its December-quarter net profit at Rs 4,642.6 crore. Total loans increased 27.5% y-o-y to Rs 6,31,215 crore, with retail and wholesale loans rising 28.7% and 26.4%, respectively. Total deposits increased 10% Rs 6,99,026 crore. <\/p>\n

HDFC Bank shares<\/a> climbed about 1% to Rs 1,880 Thursday. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

[contfnewc]
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HDFC Bank, among the world\u2019s most valuable commercial lender..<\/p>\n","protected":false},"author":1,"featured_media":68562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-68560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nHDFC Bank, first lender, to raise Rs 2,300 cr via Masala bonds - Business News Report<\/title>\n<meta name=\"description\" content=\"HDFC Bank, among the world\u2019s most valuable commercial lender..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/hdfc-bank-first-lender-to-raise-rs-2300-cr-via-masala-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HDFC Bank, first lender, to raise Rs 2,300 cr via Masala bonds - 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