Canara Bank prices $350 million debut senior bond

Canara Bank last night priced a $350 million 5.5-year senior bond, offering a generous spread as investors brace for more Indian bank issuance.

Canara Bank, acting through its London branch, last night tapped the bond market with a $350 million 5.5-year senior bond.

The Indian public-sector lender completed roadshows in February, but held off printing a deal because of the tensions in the Middle East and the volatile market conditions. However, the leads saw a window of opportunity to tap the market yesterday and decided to pull the trigger.

Canara issued a subordinated bond back in 2006, but last night’s Reg-S deal was its debut senior bond. The bank appointed five banks as bookrunners Bank of America Merrill Lynch, Citi, Deutsche Bank, HSBC and Royal Bank of Scotland. They set...

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