Bank of India to Hold Roadshows in Singapore and Taipei for $400 Million Syndication Loan #IndiaFinance

Bank of India will be holding roadshows in Singapore and Taipei on January 17th and 20th, respectively, for its $400 million syndication loan, the state-owned bank said in an exchange filing.

The bank plans to raise up to $400 million, which has a green shoe option of $100 million.

CTBC Bank Co. Ltd. and Standard Chartered Bank Plc are acting as lead arrangers, underwriters, and bookrunning banks for the same.

This is said to have been Bank of India’s first dollar syndicated loan since 2012.

This has come as several corporates and non-banking financial companies have been tapping the overseas markets to raise funds.

Earlier this week, Tata Capital raised $400 million through unsecured notes maturing in three and a half years at a coupon of 5.389%, marking its first-ever overseas bond issue.

Growing interest from global investors and weak appetite in the domestic market has also driven financial services companies to the overseas market for their funding needs.

External commercial borrowings by Indian corporations rose to $2.8 billion in November, sharply higher than $1.14 billion in the same period a year ago, according to data from the RBI.

Merchant bankers expect this trend to continue with issuers such as Reliance Industries, PNB Housing Finance, Shriram Finance, and Cholamandalam Investment and Finance Co. lining up their offshore debt borrowings in 2025.