IDBI concludes $ 100 mn issue

MUMBAI, APR 17: Industrial Development Bank of India (IDBI) has concluded a $ 100 million floating rate note (FRN) issue in Hong Kong, the first by an Indian issuer in the new year.

"This dramatic reduction of borrowing cost marks a returnto levels that were last seen before the onset of the Asian crisis. The support of 18 Financial institutions from 10 countries indicates that the market is once again receptive to tightly-priced debt issues from top tier Indian borrowers," the release said.

Barclays Group India Chief executive Kamal Kalkat said it was a great pleasure to see the positive market reaction to the benchmark deal and added that it clearly signalled a dramatic improvement in market appetite for quality Indian borrowers.