AXIS Bank has got nod from its board of directors to allot Senior Notes aggregating to $250,000,000 under the MTN programme through its DIFC Dubai branch. The board of directors of the bank has approved the allotment on August 28, 2012. The Notes will be listed at the Singapore Stock Exchange.
The Notes have been priced at 390 basis points over the 5-year US Treasury Note, at a price of 101.835 and a yield of 4.710%. The Notes are denominated in US dollars, and will bear fixed interest of 5.125% per annum, with interest payable semi-annually in arrears. The Notes are immediately fungible with the existing Reg S tranche, taking the outstanding issue size to a total of $750 million. The Bank will apply the net proceeds to fund its operations overseas.
