Barclays, Deutsche and HSBC priced Bank of India's debut Reg-S $250 million five-year bond at the aggressive end of the deal's indicative range after New York's open on Tuesday September 27.
Marketed to investors at 85bp-90bp over midswaps, the notes were sold at 99.762%, with a coupon of 5.375% and a yield to maturity of 5.43%. That equates to 85bp over swaps or 130.8bp over US Treasuries.
Thanks to its 60% ownership by the Indian Government, Moody's and SP have rated the deal at the sovereign ceiling of Baa3BB.
Pricing at the aggressive end of guidance means that the...