Axis Bank raises $800 million through dual bond sale

Axis Bank raised $800 million through a dual-tranche dollar bond issuance, comprising $500 million in Additional Tier 1 perpetual bonds and $300 million in five-year senior bonds. The issue attracted an order book of $2.2 billion and was priced tighter than initial guidance, with the AT1 bond at 6.87% and the senior bond at 110 basis points above the US five-year treasury. The bank utilised the Reserve Bank of India's 1.5 percent fixed-rate swap facility for raising external commercial borrowings, and the issuance is likely to replace the perpetual bonds callable in September.