Mumbai: HDFC Bank has raised $500 million from Japan’s largest lender MUFG Bank, as it shores up its liabilities after acquiring parent HDFC last year.
The dollar loan from MUFG was financed through the Japanese lender’s Gift City branch and was priced at 110 basis points above the three- year secured overnight financing rate (SOFR), people familiar with the matter said. “This loan was priced earlier this month and was a bilateral deal. It shows the continued demand for funds from India’s largest lender by market capitalisation. It also shows the appetite for funding Indian companies by Japanese lenders like MUFG,” said a person familiar with the transaction.
