New Issue: India's Canara Bank prices $500 million 5¼% notes due 2018 at 385 bps spread

By Christine Van Dusen

Atlanta, Oct. 10 - India's Canara Bank priced $500 million 5¼% notes due Oct. 18, 2018 (Baa3//BBB-) at 99.77 to yield 5.303%, or Treasuries plus 385 basis points, a market source said.

The notes came to market at the tight end of talk for a spread of Treasuries plus 385 bps to 390 bps.

BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Agricole, HSBC and JPMorgan were the bookrunners for the Regulation S issue.

Bangalore-based Canara Bank ranks as the fifth-largest public sector bank in India in terms of total assets.

Issuer:	Canara Bank
Amount:	$500 million
Maturity:	Oct. 18, 2018
Description:	Notes
Bookrunners:	BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Agricole, HSBC, JPMorgan
Coupon:	5¼%
Price:	99.77
Yield:	5.303%
Spread:	Treasuries plus 385 bps
Trade date:	Oct. 10
Settlement date:	Oct. 18
Ratings:	Moody's: Baa3
	Fitch: BBB-
Distribution:	Regulation S
Price talk:	Treasuries plus 385 bps to 390 bps

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