Axis Bank has priced its $300 million Senior Unsecured Notes due 30 June 2031 at a fixed rate of 5.348 per cent.
The aforementioned obligation was issued under the Axis Bank Ltd, acting through its GIFT City IBU, $500 million Global Medium Term Note Programme.
This fund raise comes in the backdrop of large Indian banks wanting to provide leverage to their NRI clients so that they can place fresh FCNR (B) deposits.
At the request of the bank, Moody’s Ratings has assigned a “Baa3” rating, with a Stable Outlook to the above referenced obligation, Axis Bank said in a regulatory filing.
Obligations rated Baa are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.