New Issue: Industrial Development Bank of India sells $250 million notes at mid-swaps plus 125 bps

By Paul A. Harris

St. Louis, Dec. 17 - Industrial Development Bank of India priced $250 million of 5 1/8% five-year bonds (Baa3/BB/BB+) 99.695, or mid-swaps plus 125 basis points, to yield 5.195% on Friday, according to an informed source.

Price guidance was mid-swaps plus 125 basis points to mid-swaps plus 130 basis points.

Barclays Capital and Merrill Lynch & Co. ran the books.

The issuer is a state-run bank.

Issuer:	Industrial Development Bank of India
Amount:	$250 million
Maturity:	Dec. 23, 2009
Bookrunners:	Barclays Capital, Merrill Lynch & Co.
Coupon:	5 1/8%
Price:	99.695
Yield:	5.195%
Spread:	162.8 basis points over Treasuries, mid-swaps plus 125 basis points
Trade date:	Dec. 17
Settlement date:	Dec. 23
Ratings:	Moody's: Baa3
	Standard & Poor's: BB
	Fitch: BB+
Price guidance:	Mid-swaps plus 125 to 130 basis points

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