State-owned IDBI BankBSE -0.07 % and Birla Mutual Fund last week did a novel bond swap deal that would help the mutual fund reduce the risk of holding long term illiquid securities and boost the Bank's portfolio with long term safe assets ahead of its possible privatisation.
The deal worth Rs. 1,740 crore led to IDBI buying bonds with tenors of as high as 28 years and selling equal amount of bonds with tenors of near term maturity liquid benchmark bonds to Birla Sun Life Mutual Fund
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