Banks, state firms plan $3.5 bn bond sales before GDP, RBI policy

Indian lenders and state-run firms are racing to raise up to $3.5 billion through bonds ahead of India’s GDP data and monetary policy decision amid concerns that interest rates might not be slashed, bankers said on Monday.

- Reuters

State-owned Power Finance Corp, Indian Railway Finance Corp, Small Industries Development Bank of India, and NABARD aim to raise a combined ₹24,000 crore ($2.7 billion). Axis and Bank of India plan to raise ₹7,500 crore, said bankers, seeling anonymity.

India’s GDP data for the July-September quarter is scheduled for Friday and the monetary policy decision will follow on December 5.