IDBI's $200 m bond raise

 Domestic banks are increasingly diversifying the markets from which they can raise foreign currency resources. The state-run lender IDBI Bank on Thursday said it has raised SG$250 million (US$200 million) by issuing 3-year bonds to investors in the Singapore market.

With this first publicly listed benchmark Singapore dollar bond issue from India on Tuesday, IDBI Bank said the bond issue is for a 3-year maturity carrying a fixed coupon of 3.65 per cent per annum which received overwhelming response and the order book was oversubscribed by 12 times. DBS Bank, HSBC Bank and Standard Chartered Bank acted as Joint Book Runners and Lead Managers to the transaction.