YES Bank Raises $600 Mn Debt from International Markets | CORPORATE ETHOS

YES Bank Raises $600 Mn Debt from International Markets

By: | February 7, 2018

Feb 7: India’s fifth largest private sector lender YES Bank on Wednesday said that it has successfully completed issuance of its maiden $600 million bond issue in the international debt markets.

According to the bank, the bond issuance is for a tenor of 5 years and is rated Baa3 by Moody’s Investors Service. The bond will be listed on the London Stock Exchange International Securities Market (LSE ISM), the Singapore Exchange Securities Trading SGX, and the India International Exchange IFSC at GIFT city, Gandhinagar.

“The proceeds will be used to fund the bank’s IFSC Banking Unit (IBU) in GIFT City and expand IBU’s rapidly growing business opportunities. The bond issuance is aligned to the Government of India’s commitment to building a high-tech financial hub in the country,” it added.

Commenting on the bond issuance, Rana Kapoor, MD&CEO, YES Bank, said, “this landmark issue is the first foreign currency bond ffering by YES Bank under our newly established MTN program, and the significant over-subscription as well as high quality investor base is testament to the commitment reposed by global investors in the bank. I am sure this will further strengthen India’s position as the preferred investment destination for global investors. As the 1st bank to have begun operations at GIFT, we remain committed to expanding our operations at the IBU, Gandhinagar.”

CLSA Ltd, HSBC, JP Morgan Securities, Merrill Lynch International, Nomura, Standard Chartered and YES Bank (IFSC) acted as Joint Book Running Lead Managers (BRLM’s) for the offering.

YES Bank shares were trading in red at Rs 336.30, down 0.66% from the previous closing of Rs 338.55, on BSE at 2.37 pm today.