BoI completes upsized bank capital deal

Bank of India taps the international bank capital market in preparation for the impending arrival of Basel II.

Barclays, Citigroup, Deutsche Bank and HSBC completed IndiaƆs second upper tier-2 subordinated debt offering to be sold into the international markets on Thursday with a $240 million transaction for Bank of India BoI.

The deal follows UTI Bank, which was the first to tap the market in August after India's central bank relaxed guidelines on the issuance of foreign currency debt and hybrid instruments.

The leads took advantage of fortunate timing to complete a deal that was upsized...

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