bank-of-baroda-issues-debut-dollar-bond

Bank of Baroda issues debut dollar bond

The fourth largest bank in India prices at the mid-range of revised guidance, but recent diverging market performance makes secondary trading hard to predict.
Bank of BarodaÆs Reg-S $300 million subordinated upper tier-2, 15-year non-call-10 bond rated Baa2BB built a $900 million order book and priced at 147bp over mid-swaps 200bp over Treasuries. Pricing is equivalent to 145bp over Libor on an asset-swap basis.

Barclays, Citi and Deutsche Bank managed the deal.

The transaction, which closed with a coupon of 6.625%, includes a step-up of 247bp over six-month Libor if not called. Redemption requires the prior approval of the Reserve Bank of India.

After a roadshow in Singapore, Hong Kong and London, 62 investors decided to participate in the transaction, with bookrunners allocating 64% of the bonds to Asia, 31% to Europe, and 5% to US offshore....
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