Published on 10/20/2014 in the Prospect News Emerging Markets Daily.
New Issue: India’s IDBI Bank prices $350 million 4 1/8% notes due 2020 at 275 bps spread
By Christine Van Dusen
Atlanta, Oct. 20 – India’s IDBI Bank Ltd., through its Dubai International Financing Centre branch, priced a $350 million issue of 4 1/8% notes due April 23, 2020 (expected ratings: Baa3/BB+/BBB-) at 99.903 to yield 4.145%, or Treasuries plus 275 basis points, a market source said.
ANZ, BNP Paribas, Citigroup and HSBC were the bookrunners for the Regulation S deal.
IDBI Bank is a public sector bank based in Mumbai.
Issuer: | IDBI Bank Ltd.
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Amount: | $350 million
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Maturity: | April 23, 2020
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Description: | Senior notes
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Bookrunners: | ANZ, BNP Paribas, Citigroup, HSBC
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Coupon: | 4 1/8%
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Price: | 99.903
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Yield: | 4.145%
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Spread: | Treasuries plus 275 bps
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Trade date: | Oct. 20
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Settlement date: | Oct. 23
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Expected ratings: | Moody’s: Baa3
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| Standard & Poor’s: BB+
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| Fitch: BBB-
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Distribution: | Regulation S
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