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...