By Christine Van Dusen
Atlanta, Nov. 14 - India's IDBI Bank Ltd. sold RMB 650 million notes due Nov. 18, 2014 (Baa3/BBB-/) at par to yield 4½%, a market source said.
The notes priced in line with talk, which was set at 4½%.
HSBC was the bookrunner for the Regulation S notes, which include a change-of-control put at 100% if there is a ratings downgrade.
IDBI Bank is a public sector bank based in Mumbai.
| Issuer: | IDBI Bank Ltd.
|
| Amount: | RMB 650 million
|
| Maturity: | Nov. 18, 2014
|
| Description: | Senior notes
|
| Bookrunner: | HSBC
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Change-of-control put: | At 100% | if there is a ratings downgrade
|
| Trade date: | Nov. 11
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | 4½%
|
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