In 2012, Indian companies raised about $10 billion by way of international bonds, estimate issue arrangers. "In 2013, the issuances by Indian issuers could be 50 per cent higher than 2012," said Jujhar Singh, managing director and head of debt capital markets, South Asia, Standard Chartered Bank. According to issue arrangers, the coupon rates for raising international bonds have dropped significantly due to a fall in international treasury yields. "Issuances have picked up because the market is becoming so much wider and deeper. It's a reflection of the deepening of the debt capital market globally. Also, the investor base has widened. Since interest rates by historical standards are extremely low abroad, everybody is looking to add assets that offer you some yield picks up," said Hitendra Dave, managing director, head of global markets, India, at Hongkong and Shanghai Banking Corp.