uti-bank-sees-massive-order-book-for-new-hybrid

UTI Bank sees massive order book for new hybrid

India's UTI Bank establishes benchmark with the first offshore hybrid deal following a recent regulatory change by India's central bank.
Following the relaxation of guidelines on the issuance of foreign currency debt and hybrid instruments by India's central bank, UTI Bank became IndiaÆs first bank to raise upper tier II subordinated debt in the international market. The new $150 million 15-year non-call 10-year offering is joint led by Barclays Capital, Citigroup and Deutsche Bank.

The deal also marks the first international debt offering by UTI Bank. UTI is also the first Indian bank to issue bank capital instruments off of an EMTN program.

Pricing followed three days of roadshows and one-on-one meetings and comes at the tight end of guidance. Roadshow were held in Hong Kong, Singapore and London early last week with an initial...
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