India's Axis makes splash on bond market return

India's Axis Bank returned to international bond markets for the first time since 2012 on Monday with a five-and-a-half-year $500 million transaction. The group, which is rated Baa2BBB-BBB- by the three main debt rating agencies, took advantage of a slight tightening in Indian bank credit spreads over the course of last week.

Axis Bank priced its 144a bond on a re-offer price of 99.656% to yield 3.319%, equating to a spread of 170 basis points over US Treasuries. That compares with initial guidance of Treasuries plus 195bp, which was subsequently tightened to a range of 170bp to 180bp over Treasuries, according to...