SBI, Axis Bank among lenders set for $2 billion ECB fundraising via RBI swap

Indian lenders including SBI, Axis Bank, HDFC Bank, and PFC are set to raise around $2 billion via external commercial borrowings under RBI's 1.5 percent fixed rate swap window announced on June 5. SBI could raise up to $1 billion, while other banks may tap markets for issues of up to $500 million each. HDFC Bank has already raised $750 million at 90 basis points above the five-year US treasury, the tightest spread for an Indian private sector bank, signalling strong overseas investor appetite for Indian financial names.