Exim Bank of India prices $300 million bond at tight end of guidance

Export-Import Bank of India is the closest credit the market can get to India issuing a sovereign. That was the word on the street when the 100% government-owned bank issued India's second quasi-sovereign in 2010 early yesterday.

The Reg-S $300 million five-year deal came to market with a 4.375% coupon and a February 2, 2015 maturity date. It was reoffered at 99.658, resulting in a yield of 4.452%, which was equal to 180bp over mid-swaps and 211bp over US Treasuries. This yield was fixed at the tight end of the initial guidance, which was set at 180bp to 190bp over mid-swaps.

At the close of Asian trading yesterday, the spread had...