Formosa bonds win over issuers with clear pricing advantages
Export-Import Bank of India priced a rare dollar Formosa bond from the country this week, bagging $400m. Cash-swamped dollar investors in Taiwan are desperate for diversification amid falling loan volumes, so the stage is set for borrowers to push for tighter pricing. Addison Gong reports.
India Exim’s deal on Monday was the first dollar Formosa from an Indian bank and only the second at all from the country. As the issuer has been absent from the dollar bond market for over a year, its return was all the more important.
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