|
BoI
raises $250-million foreign currency bonds
Our
Banking Bureau
23 September 2005
 Bank
of India has raised $250 million through a multi-currency
medium term note (MTN) bond issue. The issue attracted
orders of over $900 million and was priced at 85 basis
points above the London Inter-Bank Offered Rate (LIBOR).
BOI
is the third Indian Bank other than ICICI Bank and SBI
to raise money through an Overseas Bond issue.
According
to M Balachandran, chairman and managing director, "The
issue saw the second best pricing on a bond issuance ever
from India. The book size of the issue was over three
times and has 113 accounts. Applicants from Asia constituted
52 per cent, Europe 42 per cent and the Middle East and
others constituted 6 per cent. Also, 56 per cent of the
applicant were banks, 32 per cent asset managers and 12
per cent retails investors. The money would be used for
financing Indian companies' mergers and acquisitions and
for their long-term needs overseas."
BOI
has 23 foreign offices in major international financial
centres in 12 countries and has a well diversified portfolio
of business. It has received RBI's approval for opening
three branches at Antwerp (Belgium),
Shenzhen (China) and Ho Chi Minh City (Vietnam), and a
wholly owned subsidiary at Dar-Es-Salaam (Tanzania). Beside
this, Bank will be opening a Representative Office in
Beijing (China) and also enter the Middle East market
by opening a Representative Office in Doha (Qatar). It
also has ambitious plans for future overseas expansion
of branches and business.
List
of reports on Bank of India
List
of general reports on Banks
| 
