HDFC attempts to set benchmark for loan deal

The unique structure of HDFC''s loan style-FRN sets a new benchmark for the borrower.

General syndication is underway for Housing Development Finance Corporation's HDFC $100 million five-year loan-style FRN following the closing of the sub-underwriting stage last week. Bank of Baroda, State Bank of India and Emirates Bank have joined arranger Barclays Capital as sub-underwriters with commitments of $25 million each.

Despite the current political stand-off between India and Pakistan, the deal received good interest during roadshows in Singapore and Hong Kong earlier in the week. The deal offers fees of 50bp for sub-underwriters, while co-arrangers, lead managers and managers will receive fees of 35bp, 30bp and 25bp for commitments of $10 million, $5-$10 million and $2-$5 million respectively. Sub-underwriters receive all-in of 90bp, while co-arrangers, leads and co-leads...

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