UTI Bank records low coupon

IndiaÆs third-largest private sector bank raises $250 million from a floating-rate note sale.

UTI Bank has taken advantage of the bond marketÆs record-low borrowing costs to raise $250 million at a bargain-basement price.

The three-year floating-rate deal priced at 47bp over three-month Libor, comfortably inside a $500 million ICICI trade that closed at 54bp just two weeks ago and flat to where that deal was trading in the market at the time of pricing.

The bookrunners, Citigroup and Deutsche Bank, announced the deal on Monday morning and closed the books 36 hours later...

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