Indian Overseas Bank braves tough market with debut bond

No mean feat: Indian Overseas Bank overcomes challenging markets to price a debut $500 million bond at the tight end.

Indian Overseas Bank, acting through its Hong Kong branch, last night priced a $500 million 5.5-year bond at the tight end of guidance. Getting a deal across the finish line for the debut borrower was no mean feat, as credit markets whipped wider yesterday.

Citi, HSBC, J.P. Morgan, Royal Bank of Scotland and Standard Chartered were joint bookrunners. The bonds priced at Treasuries plus 290bp, at the tight end of the Treasuries plus 290bp to 295bp final guidance and at least 10bp inside the initial guidance in the area of Treasuries plus 300bp.

Credit markets were weaker yesterday, with selling in newly issued bonds, including Franshion...

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