HDFC Bank's $1.75B GIFT City bond: biggest offshore raise by an Indian bank since 2008
India's largest private lender pulled off the biggest overseas debt fundraise by any Indian bank since the global financial crisis, raising $1.75 billion in senior unsecured notes out of its GIFT City branch. The dual-tranche deal splits $500 million of three-year notes at 5.159% from $1.25 billion of five-year notes at 5.401%, both settling August 26. The Baa3/BBB-rated paper, listed on IFSC exchanges, diversifies HDFC Bank's funding base at a moment its stock sits near a 52-week low.