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.

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