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HDFC, BoB raise $1.5 bn from overseas

Mumbai: HDFC Bank and Bank of Baroda (BoB) have raised a cumulative $1.5 billion from overseas loan market in the past week as Indian lenders shore up liquidity amid stabilising rates. HDFC Bank raised $1 billion through a three-and-a-half year loan while BoB raised $500 million earlier this week through a five-year pact. Japan’s Mitsubishi UFG Financial Group (MUFG) and Hong Kong and Shanghai Banking Corp (HSBC) were involved in the transactions.“MUFG was the sole lender in the HDFC Bank transaction, which was priced at 94 basis points above the three-month benchmark SOFR (secured overnight financing rate) for a three-year period. HDFC Bank has raised the money from its GIFT branch for its on-lending purposes, which is a rare borrowing for the bank,” a person aware of the transactio

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