Exim Bank’s Long Bond Prices Tightest-Ever Spread for India Firm

(Bloomberg) — Export-Import Bank of India priced a 10-year dollar bond at the tightest spread ever for such securities by an Indian issuer, highlighting strong demand for the region’s assets.

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The state-owned firm, which offers financing for exporters, raised $1 billion through the new bond that was priced at 100 basis points over comparable US Treasuries, according to a person familiar with the matter, who asked not to be identified. That’s the lowest premium for Indian 10-year dollar bonds ever, according to Bloomberg-compiled data.

Total orders for the bond exceeded more than $1.5 billion, allowing the bank to price it at 30 basis points tighter than the initial price talk.

The bank joins a host of other Asia Pacific borrowers who are selling debt in January, typically a busy time of the year for issuance, as they take advantage of the tightest global credit spreads in 17 years. The spreads have tightened as US Treasury yields spiked on concerns that President-elect Donald Trump’s tariff and fiscal policies may reignite inflation and trigger more market volatility.

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The deal marks the first dollar-denominated note from an Indian borrower this year, according to Bloomberg-compiled data. Bond market activity has been robust in recent months in the country, with issuance climbing to a three-year high in 2024.

–With assistance from Ameya Karve.

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