IDBI prints first Sing dollar benchmark for Indian bank

IDBI Bank, acting through its Dubai International Financial Centre branch, on Tuesday evening closed the first Singapore dollar benchmark for an Indian bank. IDBI has tapped various currencies including the offshore renminbi and Swiss franc bond market but this is the first time it is issuing in Singapore dollars.

Since the global financial crisis of 2008, borrowers have been looking for alternative pools of liquidity to diversify their funding base. More recently, however, investors have turned to Asia’s local currency markets, including the Singapore dollar bond market, for diversification.

“We have seen renewed interest from investors in Asian local currency bonds over the last couple of months,...