Syndicate Bank prints $500 million inaugural bond

Harnessing the combined might of eight banks, Syndicate Bank prints its $500 million debut dollar bond. China Qinfa and China Resources Land line up.

Indian lender Syndicate Bank, acting through its London branch, last night priced its debut $500 million five-and-a half-year bond at Treasuries plus 285bp, at the tight end of final guidance.

The price whisper released yesterday morning was in the area of Treasuries plus 300bp, which investors deemed to be generous. This was subsequently tightened to a final guidance of Treasuries plus 285bp to 295bp yesterday afternoon.

The deal was expected to raise...

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