Mumbai: HDFC Bank Ltd is looking at offloading around $1 billion of medium-term notes to finance its expansion overseas. HDFC plans to set up its first branch abroad, in Bahrain, within a few months. Additionally, the bank plans to open new offices in London and Hong Kong. HDFC Bank joins rivals such as ICICI Bank and Bank of Baroda in expanding overseas to track local companies including Tata Steel, Hindalco Industries and Indian Hotels, which are acquiring foreign competitors.
Standard & Poor''s on Feb 21 gave a BBB- rating, its lowest investment grade, to the senior debt portion of the proposed notes. It assigned BB+, the highest non-investment grade rating, to the lower tier-2 subordinated debt and rated the upper tier-2 and hybrid tier-1 notes a step lower at BB. The bank hasn''t set the final structure of the debt. HDFC Bank''s 754 branches issued about half its Rs 71,400 crore ($17.8 billion) of outstanding loans to individual borrowers as of December 2007. The bank routes home mortgage loans on behalf of its promoter, Housing Development Finance Corporation, which owns a fifth of the commercial lender.
Standard & Poor''s on Feb 21 gave a BBB- rating, its lowest investment grade, to the senior debt portion of the proposed notes. It assigned BB+, the highest non-investment grade rating, to the lower tier-2 subordinated debt and rated the upper tier-2 and hybrid tier-1 notes a step lower at BB. The bank hasn''t set the final structure of the debt. HDFC Bank''s 754 branches issued about half its Rs 71,400 crore ($17.8 billion) of outstanding loans to individual borrowers as of December 2007. The bank routes home mortgage loans on behalf of its promoter, Housing Development Finance Corporation, which owns a fifth of the commercial lender.
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