Syndicate Bank raises $400m bond amid India push

The Indian commercial bank sold a 5.5-year note, feeding investors' thirst as fundamentals improve.

Syndicate Bank raises $400m bond amid India push

Syndicate Bank, one of India's oldest commercial banks, has sold a $400 million 5.5-year bond as investors scramble to hold South Asian notes amid improving fundamentals, reinforcing the great rotation back into emerging market credit as US Treasuries plunge to a year-to-date low.

The bank priced the note at Treasuries plus 240bp, which is 25bp tighter than initial price guidance. This is close to fair value of its existing paper maturing 2018 that were trading...

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