Export-Import (Exim) Bank of India plans to raise around $3 billion in 2022-23 (FY23) via overseas bonds to support fresh lending and refinance a portion of the old debt. Harsha Bangari, managing director of India Exim Bank, said that treasury rates (yields on government bonds) have started going up in international markets.

The bank, said Bangari, will keep an eye on the markets. If low-cost benefits come in, the bank will take them. Else the regular borrowing programme will remain. Half the money is used for fresh lending and the balance to refinance maturing debt. Last year, the bank tried to refinance high-cost liabilities. The fund costs have come down and extended the duration.

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Banks, financial institutions, and corporates have benefited from a benign interest-rate environment the world over due to massive liquidity in the system infused by central banks and governments to battle the impact of the Covid-19 pandemic.