Indian financial firms to tap $1.5 billion overseas bonds this week: Bankers

Indian financial firms are set to raise approximately $1.5 billion in overseas dollar bonds this week, aided by a new RBI forex swap facility. Power Finance Corp plans a $500 million issue with initial guidance of 130 basis points over U.S. Treasuries, Bank of Baroda will sell $500 million in five-year dollar bonds, and Axis Bank plans at least $500 million in perpetual dollar bonds. Bankers expect strong investor demand given the rarity of such issuances, with pricing potentially tightening to around 100 bps over Treasuries for PFC.