HDFC raises $750-m ECB, first under RBI's special swap plan (opens original article in a new tab)

HDFC Bank raised $750 million in offshore bonds using RBI's special swap plan, marking the first such issuance under the program. The bond attracted strong international demand, with investors from Asia and global asset managers participating significantly. The RBI's swap arrangement aims to reduce hedging costs for banks by fixing dollar buyback rates at 1.5%.

• HDFC Bank raised $750 million via 5-year bonds under RBI's 1.5% fixed-rate swap plan
• The bond was priced at 5.067% with strong investor demand from Asia and global asset managers
• RBI's special swap arrangement allows banks to avoid hedging costs by fixing dollar buyback rates at 1.5%