Indian Overseas Bank latest to join bond crowd

Indian Overseas Bank tightens guidance on the back of a $5 billion book and offers investors a premium over State Bank of India.

August is typically a quiet month for bankers in Asia, but the deal flow continues this year, with public sector lender Indian Overseas Bank IOB hitting the ground running on Monday night with a benchmark dollar bond.

The bank, acting through its Hong Kong branch, started off marketing its five-and-a-half year dollar bond to investors at the area of Treasuries plus 430bp, which was tightened to a final guidance of plus 405bp to 410bp, on...

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