Bharat sparks Indian bond supply, Adani up next

India's dollar bond market comes to life, with Bharat Petroleum becoming the first Indian issuer this year. Adani Ports has quickly followed.

After an absence of almost two years, Bharat Petroleum returned to the dollar bond market on Tuesday, becoming the first Indian issuer to sell a dollar bond this year

It closed a $600 million 10-year bond at a spread of 200bp over Treasuries, which was at the tight-end of final price guidance That was in line with fair value for the deal, according to calculations by both bankers and analysts

Bankers working on the transaction had some clear positives in their favour: Bharat Petroleum is majority state-owned; it is well-known to investors, having previously sold two dollar bonds; and it was also happy to keep the deal close to the minimum benchmark size of $500 million...

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