IDBI prices dollar bond as NTPC launches roadshows

Indian policy bank prices international bond inside loan market levels.

The majority government-owned Industrial Development Bank of India IDBI raised $300 million yesterday Wednesday through a five-year bond. The deal did not close as heavily oversubscribed as a forerunner from ICICI, but this was, perhaps, hardly surprising given the latter's recent secondary market performance and emerging markets volatility.

With Citigroup and JPMorgan as lead managers, IDBI priced its deal at the mid point of its indicative range. Backed by a Baa3BBBB Fitch rating, the...

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