Bank of India prices $500 million 5.5-year bond

Bank of India BOI priced a senior Reg-S $500 million deal early Thursday morning. The 5.5-year senior fixed-rate notes are rated Baa2BBB- and will pay a 4.75% coupon. The re-offer price was set at 99.399 for a yield of 4.876%.

The bonds were issued under the bank's existing $2 billion medium-term note programme and will mature on September 30, 2015.

Initial guidance went out at US Treasuries plus 245bp. This was later revised to Treasuries plus 235bp to 240bp. In the end, the bonds were priced at the tight end of guidance at 235bp over the equivalent five-year US Treasury yield. The yield at the time of pricing was equivalent to a...