Axis Bank Ltd. said it had ‘successfully’ priced its $600-million issuance of Sustainable Additional Tier 1 (AT1) notes in the overseas markets at 4.1%, ie, 30 basis points lower than the initial price guidance.
The dollar-denominated, Basel III compliant AT1 notes offering was subscribed 3.8 times ahead of the final pricing guidance announcement, it said. It is the first dollar-denominated AT1 bond ever by an Indian issuer in a Sustainable format, the bank said in a press statement.
“This successful transaction, which is also the largest single-tranche USD bond issuance ever for Axis Bank, reflects the faith and confidence that international investors have reposed in the bank’s franchise and robust credit and business model,” said Neeraj Gambhir, group executive & head, Treasury, Markets & Wholesale Banking Products, Axis Bank.
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