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HDFC Bank stock rises 1% after $1.75 billion bond issue
The lender funded the sale through its GIFT City branch, with three year notes yielding a 5.159% coupon and five year notes priced at 5.401%.
HDFC Bank shares rose about 1% in morning trade on Friday, August 21, extending gains for a second straight session after the bank said it completed a $1.75 billion bond issuance via its GIFT City branch, according to LiveMint Markets.
The offshore transaction consists of $500 million in three year senior unsecured notes and $1.25 billion in five year notes, the report said. The three year notes carry a 5.159% coupon, while the five year notes carry a 5.401% coupon, and both tranches are scheduled to settle on August 26.
In the market, the stock opened at ₹728.30, versus a previous close of ₹725.05, and reached an intraday high of ₹732.60, per the report. The shares are down 26% year to date, compared with a 7% decline in the Nifty 50 benchmark, LiveMint Markets added.
The report also cited technical indicators suggesting weak near term momentum, including the stock trading below the 20 day and 50 day EMAs and an RSI of 41.4. It noted that traders are watching resistance around ₹757 to ₹810 and support in the ₹720 to ₹705 area.