Investors scoff Indian buffet

Bank of India cooks up huge order book for debut dollar bond.

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...

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