EXIM Bank raises $10 bn through bonds on LSE
The Dollar Business Bureau The Export Import Bank of India (EXIM Bank), the premier export finance institution in the country, has raised $10 billion via issuance of 10-year dollar bonds on London Stock Exchange (LSE). The bonds were oversubscribed by almost two times. The EXIM Bank will use the proceeds from bonds for supporting Indian project exports, foreign investments through long-term credit and its portfolio of lines of credit. “The notes achieved the tightest ever spread over US Treasury for an Indian entity for a 10-year issuance,” said LSE in a statement. The 10-year bond has an annual yield of 3.897% and protected high investor support from all over the world, it said. EXIM Bank Managing Director David Rasquinha said that the Bank is a ...
Lack of progress in US, China trade talks, 100-day action plan nears
The Dollar Business Bureau US and China failed to agree on major new steps to reduce US's trade deficit with China, leading to doubts over the economic and security relationship between the two countries. The annual economic session in Washington dubbed by the Trump administration as US-China Comprehensive Economic Dialogue (CED) ended with both the sides refusing to hold news briefs or joint statements with no news announcements on US market access to China. Though both the sides had open and frank talks, they failed to come to a consensus on major bilateral and economic issues that were important for the US. According to Reuters, US had asked for- major access to China's financial services markets, reduction in China's steel capacity, reduction in auto tarriffs, ...
ONGC raises $1 bn to buy 15% stake in Russian Vankor Field
The Dollar Business Bureau ONGC Videsh Ltd (OVL), the overseas arm of state-owned explorer Oil and Natural Gas Corporation (ONGC), has raised $1 billion via the issue of US dollar bonds to fund its acquisition of 15% shareholding in Russia oil and gas field - The Vankor Field, the company said on Thursday. “OVL raised $600 million through a 10-year bond at a coupon rate of US treasury rate plus 2.20 percent and another $400 million through a 5.5-year maturity bond at an interest rate of US treasury rate plus 1.75 percent,” said Narendra K Verma Managing Director, OVL. “In the current scenario, these are one of the lowest cost financing rates,” he added. The earnings from the issue would be used to refinance a bridge loan of $1.2 ...
India, US sign IGA to implement FATCA to promote transparency on tax matters
Source: PIB, Government of India The Secretary, Department of Revenue, Ministry of Finance, Shaktikanta Das and the US Ambassador to India, Richard R. Verma signed the Inter-Governmental Agreement between India and USA for Improving International Tax Compliance and Implementing the Foreign Account Tax Compliance Act (FATCA), in New Delhi on July 09, 2015. Source: PIB, Government of India Shaktikanta Das, Revenue Secretary of India and Richard Verma, U.S. Ambassador to India signed here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The text of the signed agreement will be available ...
