Bank of India prices $500 million 5.5-year bond

Six weeks after announcing its mandate, Bank of India takes advantage of stable market conditions to sell $500 million of senior fixed-rate notes. Next in line is Axis Bank, while Bank of Baroda and ICICI Bank are also expected to launch new deals soon.

Bank of India BOI priced a senior Reg-S $500 million deal early Thursday morning. The 5.5-year senior fixed-rate notes are rated Baa2BBB- and will pay a 4.75% coupon. The re-offer price was set at 99.399 for a yield of 4.876%.

The bonds were issued under the bank's existing $2 billion medium-term note programme and will mature on September 30, 2015.

Initial guidance went out at US Treasuries plus 245bp. This was later revised to Treasuries plus 235bp...

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