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SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024

Livemint

Livemint · 8m ago

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024

The State Bank of India (SBI) is planning to raise up to $1.25 billion in a five-year loan for its branch in Gujarat International Finance Tec-City, making it the largest dollar-denominated loan in India's financial sector. The loan, arranged by CTBC Bank, HSBC Holdings, and Taipei Fubon Bank, will have an interest margin of 92.5 basis points at the Secured Overnight Financing Rate. SBI has not confirmed the loan yet. Dollar loan volume in India has declined 27% this year, but other financial institutions like Cholamandalam Investment & Finance Co and Union Bank of India are also seeking loans.

Related News

ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say

Economic Times

Economic Times · 11m ago

ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say

Chinese technology company ByteDance, the parent company of TikTok, is seeking a $9.5 billion loan, which would be the largest dollar-denominated corporate facility in Asia (excluding Japan). Citigroup, Goldman Sachs, and JPMorgan are leading the financing, which has a tenure of three years and can be extended up to five years. The loan is expected to partly refinance an existing $5 billion dual-tranche facility.

Power Finance Corp. raises $1.27 billion foreign currency term loan to fuel its green energy transition | Mint

Livemint

Livemint · 10m ago

Power Finance Corp. raises $1.27 billion foreign currency term loan to fuel its green energy transition | Mint

- Power Finance Corporation (PFC) has raised a foreign currency term loan of $1.27 billion, the largest by a public sector undertaking, to finance its green energy transition. - The transaction was executed through a facility agreement with multiple banks in IFSC GIFT City, enabling PFC to expand operations, diversify funding, and maintain a competitive edge. - The loan has a 5-year tenor, a floating interest rate of 4.21% per annum, and is denominated in USD, EUR, and JPY. - SBI, IDBI, Axis, MUFG, Deutsche & SMBC were the bankers involved, with SBI acting as the largest lender and facility agent. - India's climate action targets include achieving net-zero emissions by 2070, raising non-fossil energy capacity to 500 GW by 2030, and meeting 50% of energy demand through renewables by 2030.

India Exim Bank's PAT rises 62% in FY24 to ₹2,518 crore

Livemint

Livemint · 1y ago

India Exim Bank's PAT rises 62% in FY24 to ₹2,518 crore

The Export-Import Bank of India (India Exim Bank) reported a profit after tax of ₹2,518 crore for FY24, up 61.8% from the previous year. The bank's total business for FY24 stood at ₹3.4 trillion, with a net loan portfolio of ₹1.6 trillion. The loan portfolio's growth was driven by sectors like clean energy, automotive, engineering goods, pharmaceuticals, and telecommunications. The bank aims for a 10%-12% credit growth during FY25 and plans to borrow around ₹60,000 crore from the market, with foreign currency borrowings of $3 billion-$3.5 billion. It is optimistic about global trade picking up during the fiscal year.

India's foreign debt jumps 10% to $736.3 bn; external debt-to-GDP also rises

Economic Times

Economic Times · 1m ago

India's foreign debt jumps 10% to $736.3 bn; external debt-to-GDP also rises

India's external debt rose by 10% to $736.3 billion by March 2025, up from $668.8 billion the previous year, says the Reserve Bank. This led to an increase in the external debt-to-GDP ratio from 18.5% to 19.1%. Long-term debt increased to $601.9 billion, while short-term debt's share decreased slightly. US dollar-denominated debt constituted 54.2% of the total, with loans being the major component. The valuation effect due to currency appreciation accounted for $5.3 billion.

HDFC Bank plans to sell ₹10,000 crore of loans via rare debt instrument | Mint

Livemint

Livemint · 11m ago

HDFC Bank plans to sell ₹10,000 crore of loans via rare debt instrument | Mint

HDFC Bank, India's largest private lender, is planning to sell up to ₹10,000 crore ($1.2 billion) of loan portfolios through the use of pass-through certificates, a rare debt instrument. The bank aims to reduce its exposure to certain sectors and address challenges in raising deposits. Talks are underway with local asset managers including ICICI Prudential, Nippon Life India Asset Management, SBI Funds Management, and Kotak Mahindra Asset Management for the issuance of these certificates backed by a pool of the bank's car loans. The move will help improve HDFC Bank's credit-deposit ratio.

Japanese ecommerce major Rakuten issues $1.8 billion of dollar-denominated 3-year senior notes

Economic Times

Economic Times · 1y ago

Japanese ecommerce major Rakuten issues $1.8 billion of dollar-denominated 3-year senior notes

Japanese ecommerce conglomerate Rakuten Group announced that it will issue $1.8 billion of US dollar-denominated 3-year senior notes at an interest rate of 11.25%. The funds will be used to fully buy back its existing 10.25% senior notes and 3.546% senior notes due in 2024, totaling $1.75 billion. Rakuten had previously announced tender offers to buy back the notes with a combined cap of $1 billion, but later extended the offers to any and all outstanding notes of either series.

SBI shares zoom over 2% as Nomura sees nearly 25% upside on attractive valuations, asset quality

Money Control

Money Control · 10m ago

SBI shares zoom over 2% as Nomura sees nearly 25% upside on attractive valuations, asset quality

- SBI shares surged nearly 3% after Nomura set a price target with 25% upside potential. - Nomura analysts have a 'Buy' call on SBI stock with a target of Rs 980 per share. - SBI's asset quality is expected to remain steady due to its lower exposure to problematic segments and strong retail underwriting track record. - SBI has the lowest domestic loan-to-deposit ratio among large banks, which reduces immediate growth pressures. - SBI shares have outperformed the benchmark Sensex, delivering around 25% returns in 2024.

HDFC Bank raises $300 million via maiden sustainable finance bond issue

Livemint

Livemint · 1y ago

HDFC Bank raises $300 million via maiden sustainable finance bond issue

India's HDFC Bank has successfully raised $300 million through its debut sustainable finance dollar-denominated bond issue. The three-year sustainability bond was priced at a yield of 5.196%, significantly lower than the initial guidance. The funds raised will be mainly directed towards lending for electric vehicles, small and medium enterprises, and affordable housing. The bank has also raised an additional $450 million through senior unsecured five-year dollar bonds, which will be used for foreign branch expansion and general corporate purposes.

Europe's Amundi mulling a bigger piece of the Indian debt market

VCCircle

VCCircle · 8m ago

Europe's Amundi mulling a bigger piece of the Indian debt market

Amundi Investments, Europe's largest asset management firm, is considering increasing its exposure to the Indian debt market. The company recently launched a rupee-denominated India Bond Fund, in addition to a dollar-denominated exchange-traded fund (ETF) it launched in September. The India Bond Fund will target an average duration of seven to eight years, with a focus on investing in state bonds, corporate bonds, and traditional government securities. Amundi plans to initially approach institutional investors in Europe and Asia, and eventually expand to Latin America.

SBI says MSME loans will be focal point for growth over next 5 yrs

Livemint

Livemint · 1y ago

SBI says MSME loans will be focal point for growth over next 5 yrs

SBI, India's largest lender, has announced that small business lending will be its main focus for growth and profit over the next five years. The bank has launched "SME Digital Business Loans," which promise loan sanctions within 45 minutes. SBI aims to expand credit accessibility through various touchpoints and QR codes. The bank's SME book grew by over 20% to ₹4.33 lakh crore, with NPA reducing to 3.75% in the last financial year. The new digital lending platform uses data from sources such as ITR, GST returns, and bank statements for quick credit assessment, providing sanction decisions within 10 seconds.

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