Axis Bank prices $350 million benchmark deal

The Indian bank prices $350 million worth of senior unsecured notes. Like other deals that have come to market this month, the bonds will mature in 5.5 years.

India-based Axis Bank has sold $350 million worth of Baa2BBB- rated senior unsecured notes. The Reg-S deal was formally issued through the bank's branch at the Dubai International Financial Centre.

The deal, which was priced early Friday morning Hong Kong time, has a 5.5-year tenor and a maturity date of September 30, 2015. The bonds were issued as part of Axis Bank's 2 billion $2.7 billion medium-term note programme.

Initial price guidance was set at 280bp over equivalent US Treasuries, which was later tightened to 275bp -- this is also where the final price was fixed. The coupon was set at 5.25% and the reoffer price was 99.581...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222