Bank of Baroda, acting through its London branch, priced $500 million of 5.5-year bonds early last Friday morning. The bonds were issued at a spread of Treasuries plus 285bp to yield 5.125%. Around noon on Friday, the new bonds were straddling the reoffer price.
Barclays Capital, Citi, HSBC, J.P. Morgan and Standard Chartered Bank were joint bookrunners.
The bonds priced at the tight end of the final guidance of Treasuries plus 285bp to 290bp and inside the initial guidance of Treasuries plus 290bp to 300bp. The coupon was fixed at 5% and the bonds were reoffered at 99.407.
The deal also priced inside Bank of Baroda’s secondary market curve. On a...
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