Exim Bank sells bonds of $1 billion to global investors at dirt rate

The Exim Bank has started the New Year on a high note raising $1 billion through a dollar-bond sale to international investors, offering just 2.25 per cent for the ten-year money, setting a new low in pricing.

The issue was oversubscribed four times or worth $4 billion as against $1 billion on offer, managing director David Rasquinha said, adding that in Asia the issue was oversold within three hours of the launch with the order book hitting $1.75 billion.