Categories: Business

HDFC Bank Price of $ 1 Billion in AT-1 Bonds at 3.7%

Mumbai: HDFC Bank has provided Tier-1 (AT-1) bonds of $ 1 billion at 3.7%, which is 42.5 basis points (100bps = 1 percentage points) lower than the initial price guide.
This is one of the lowest price determination achieved by any bank from Asia with BA3 rankings.
It is also the largest AT-1 bond offer by any bank from India.
HDFC Bank said that bonds were over three times after the final price guide was released.
“This is a sign of faith in the HDFC bank brand and a wise and strong business model.
We believe that this successful publication will set a way for other Indian players who want to improve AT-1 bonds in foreign markets,” said Bank Treasurer HDFC Ashish Parthasarthy.
Note AT-1 will be registered with Indian international exchanges (IFSC).
AT-1 bonds are considered quasi-equity because they can be eternal.
Also, they increase the bank’s capital base and can be written first if the bank faces solvency problems.
In the international market, these bonds are sold to quality institutional buyers.

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