MUMBAI, Jan. 16 (Xinhua) -- Export-Import Bank of India plans to raise 3 billion U.S. dollars in the next fiscal year (April-March) to refinance its borrowings, said David Rasquinha, managing director of the bank, Thursday.

He was speaking after listing the banks' recently raised 1-billion-U.S.-dollar bond issue with a tenure of 10 years on Indian Inx (India International Exchange) platform.

"The successful issuance of USD 1 bn, our third such issue, is a strong market opening trade from Exim Bank, following which many other Indian issuers are likely to access the foreign currency bond markets," he said.

The state-owned bank's bond issue was priced at CT10+150 bps, well inside the initial price guidance of CT10+175 bps area, representing significant price tightening of 25 bps and zero new issue premium, a statement said.

"The transaction marks the lowest 10-year coupon from any Indian issuer in USD markets especially in the backdrop of geopolitical tensions. We look forward to listing our future issuances at the India INX and hope to have played a pioneering role towards development of the Exchange," said Harsha Bangari, chief general manager & chief financial officer of Exim Bank.

In terms of geographic distribution, Asia accounted for 44 percent of the bonds followed by 36 percent in United States and 20 percent from Europe, the Middle East and Africa (EMEA) region. Segment wise, fund managers accounted for 58 percent of the bonds followed by banks at 18 percent, while insurance and pension funds accounted for 13 percent and Central Bank institutions and private banks accounted for 10 percent and 1 percent respectively, the statement said.

The issue attracted a total order book in excess of 2.7 billion U.S. dollars thereby achieving more than 2.7 times subscription from 184 high-quality investors. Enditem

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