India’s Eximbank prints $500 million despite downgrade fears

Although Asian dollar bond issuance has hit record levels, Indian borrowers have not joined that stampede at least not during the first half of this year. However, issuance has picked up during the past two weeks, with Export-Import Bank of India printing a $500 million five-year bond last night.

India’s Eximbank is 100% owned by the Indian government and is seen as a proxy for the sovereign. The deal attracted an order book of $2.5 billion despite negative headlines surrounding the possibility of India being downgraded to sub-investment grade as it battles with slowing growth and a depreciating currency. The sovereign is currently rated Baa3BBB-BBB-, which...