exim-bank-of-india-widens-investor-base-with-euroyen-issue

Exim Bank of India widens investor base with euro-yen issue

The transaction prices at the tight end of guidance against a backdrop of an oversupply of Indian paper.
May 31, 2007
Barclays Capital and Nikko Citigroup led Export-Import Bank of India through a Ñ24 billion Reg-S, Baa3BBB-BBB Moody'sSPJCR rated, five-year bond last night. The deal priced at par at 50bp over three-month yen Libor 51.5bp over dollar Libor, and attracting an order book of Ñ30 billion.

By issuing in yen, Exim Bank achieved a tighter price than it would have by issuing in dollars, and was able to take advantage of savings on the coupon withholding tax.

A total of 18 investors participated in the deal, with bookrunners allocating 15% of the bonds to Europe, 20% to Hong Kong, 40% to Japan, 5% to Korea and 20% to Singapore....
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