Four Indian private banks eye dollar debt before RBI swap window deadline, bankers say
Four Indian private lenders are accelerating dollar bond plans before August 31. They aim to raise $1.85 billion, taking advantage of a central bank swap facility. Kotak Mahindra Bank leads this effort, setting final price guidance for its issuance. Other banks like YES Bank, IDFC First Bank, and Federal Bank are also preparing offerings. This comes after ICICI Bank and Axis Bank successfully raised over $1 billion.
On Thursday, investor appetite for Indian government bonds dwindled amidst fears of increased supply and concerns over RBI's liquidity stance. The results from the treasury bill auction reflected weak demand, driving yields upward. Speculation is building that the Reserve Bank of India may take steps to curtail excess liquidity, preparing for possible policy adjustments as inflationary pressures rise. Market analysts predict interest rate hikes within the next year.
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