Cash-rich investors continue to support a vibrant Asian primary bond market. A wide range of borrowers throughout the region, across industries and along the credit spectrum have launched deals in recent weeks. Indian banks have been among the most prominent.
On Friday, the Industrial Development Bank of India IDBI came to market with its first bond since 2004 $300 million five-year issue pricing a $350 million five-and-a-half year Reg-S security.
The notes pay a 4.75% semi-annual coupon to yield 4.762% at re-offer. The deal was sold just below par at 99.943, at a spread of 310bp over the old five-year US Treasury yield.
The notes have a maturity...