IIFL Finance also taps global debt markets
IIFL Finance became the third firm from India to raise funds from the global debt capital markets (DCM) this week, with local issuers seemingly racing against the clock to avoid anticipated volatility in benchmark yields through the initial months of Donald Trump's second presidency.
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IIFL Finance raised $325 million at 8.75% for a 3.5-year bond late on Thursday, joining Tata Capital ($400 mln) and Vedanta Resources ($1.1 bln) in one of the busiest weeks for Indian issuers in overseas markets.
ET had reported in its January 13 edition that these three companies will issue dollar bonds this week. Bankers said the deals reflect the trust of global investors in the India story.
«It has been an encouraging start with Exim Bank in the first week of the year. Investor interest is strong and we expect more to follow with (bond) supply from industrials, renewables, financials, commodities etc, driven by keen interest in India risk from investors,» said Pramod Kumar, CEO Barclays India. «From the issuers' perspective, it helps in diversifying their sources of funds particularly when there are some constraints in domestic liquidity.»
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