Bank of India becomes second Indian bank to sell 10-year senior bonds

Bank of India, acting through its London branch, priced a $750 million dual-tranche bond early yesterday morning. The deal comprised a $250 million tap of its September 2015 bonds, first issued in March last year, and a new $500 million 10-year bond.

Bank of India is the second Indian bank to issue a senior 10-year US dollar bond, following ICICI Bank's debut $1 billion deal in November last year. And it is the first Indian bank to do so in the Reg-S format

Barclays Capital, Deutsche Bank, HSBC, Royal Bank of Scotland and Standard Chartered were the arrangers.

The new 10-year bond priced at a spread of Treasuries plus 260bp to yield...