IDBI prints $300m bond amid volatility

The Indian bank sold the first dollar bond from one of the country’s financial institutions since January, braving jittery pre-election market conditions.

Indian bank IDBI raised a $300 million 5.5-year bond on Wednesday, printing it flat to its existing paper amid heightened market volatility as a result of upcoming Indian elections in April.

The note the first dollar transaction from an Indian financial institution since January also got priced before the US Federal Open Market Committee meeting, which took place overnight Asia time, beating the market sell-off that plagued Asian markets on Thursday morning.

“The fact that they move ahead of the FOMC, which caused a lot of volatility and softness overnight, is a real testament to the nimbleness of this type of borrower,” said a source close...

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