New Issue: India's Syndicate Bank sells $400 million 3 7/8% notes due 2019 at 240 bps spread

By Christine Van Dusen

Atlanta, May 29 - India's Syndicate Bank sold $400 million 3 7/8% notes due Dec. 4, 2019 (expected ratings: Baa3/BBB-/) at par to yield 3 7/8%, or Treasuries plus 240 basis points, a market source said.

Citigroup, Deutsche Bank, HSBC, SBI Capital Markets and Standard Chartered Bank are the bookrunners for the Regulation S deal.

The lender is based in Karnataka.

Issuer:	Syndicate Bank
Amount:	$400 million
Maturity:	Dec. 4, 2019
Description:	Senior notes
Bookrunners:	Citigroup, Deutsche Bank, HSBC, SBI Capital Markets, Standard Chartered Bank
Coupon:	3 7/8%
Price:	Par
Yield:	3 7/8%
Spread:	Treasuries plus 240 bps
Trade date:	May 29
Settlement date:	June 4
Expected ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
Distribution:	Regulation S

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