Bharti re-dials bond investors for third year

Telecom group takes advantage of improving credit markets to bring new benchmark dollar bond.

Bharti Airtel returned to the international bond markets for the third time in as many years on Wednesday with a benchmark $1 billion 144a transaction.

The Indian telecoms group has a strong reputation among fixed income investors who view its deals as welcome diversification from the country's traditional supply of finance, oil and petrochemical related credits.

Initial guidance for the Baa3BBB-BBB- rated deal came out around the 220bp mark during the Asian trading day. This was then narrowed down to a range of 215bp to 210bp after the group built an order book of $1.5 billion.

By the time the...

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