Online edition of India's National Newspaper
Saturday, Feb 11, 2006
Online edition of India's National Newspaper Saturday, Feb 11, 2006 |
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Special Correspondent
First issue from India in 15 years Evokes strong institutional reponse
MUMBAI: The Export-Import Bank of India (Exim Bank) on Friday launched its inaugural Samurai bond offering of Japanese yen 23 billion in Tokyo, which was significantly oversubscribed. The issue is the first Samurai bond offering from India in 15 years. "The five-year Japanese yen 23 billion issue was priced at 62 basis points over Yen LIBOR, which is even finer than interest rates on comparable issues in other markets,'' Exim Bank stated here. As per Japanese market circles, the response and the rate achieved are unprecedented for a debut issuer, particularly from an emerging market. With the strong institutional response to the offering, the issue size was increased from the originally announced Japanese yen 20 billion to Japanese yen 23 billion on February 8, one business day before the launch, in accordance with the Japanese law. The Samurai bond refers to bonds issued in the domestic Japanese market by foreign issuers.
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