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YES Bank lists country’s first MTN bond

YES Bank said it has listed its first $600 million bond issue under its maiden $1 billion medium-term note (MTN) bond on the IndiaINX of the Bombay Stock Exchange at the International Financial Services Centre (IFSC) at GIFT City. The MTN program, which is a debt note that matures or has a payback period of 5 years, on Global Securities Market became India’s first capital raising platform for international investors in any currency. Rana Kapoor, MD and CEO of the bank, said this is a landmark moment for the bank and it will provide a major push for the Indian banks to compete with the other global banks in offering the off-shore investment instruments with better cost efficiency. The MTN bonds issuance received an overwhelming response from international investors as it was oversubscribed by more than 1.83 times from over 90 accounts and saw a final order book, at a spread of 130 basis points against 150 basis points seen at the opening of the issue.

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