Axis Bank raises $600 mn via AT1 notes

Mumbai, Sep 2 Private lender Axis Bank raised $600 million via Sustainable Additional Tier 1 (AT1) notes in the overseas markets on September 1.

According to the bank, the dollar-denominated, Basel III-compliant AT1 notes were priced at 4.10 per cent, 30 bps lower than the initial guidance.

"The offering witnessed an overwhelming response from the investors, especially high- quality real money investors, with the order book being 3.8 times oversubscribed ahead of the Final Pricing Guidance announcement," the bank said in a statement on Thursday.

"The order book was also very well diversified across geographies and high-quality funds, insurers and sovereign wealth funds making up 83 per cent of the allocations, reflected Axis Bank's strong credit fundamentals."

"Equally important, 47 per cent of the bonds were allocated to sustainability- focused investors."