India's Axis makes splash on bond market return

The Indian bank takes advantage of spread tightening across the country's credit curve.

India's Axis makes splash on bond market return

India's Axis Bank returned to international bond markets for the first time since 2012 on Monday with a five-and-a-half-year $500 million transaction. The group, which is rated Baa2BBB-BBB- by the three main debt rating agencies, took advantage of a slight tightening in Indian bank credit spreads over the course of last week.

Axis Bank priced its 144a bond on a re-offer price of 99.656% to yield 3.319%, equating...

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