August is typically a quiet month for bankers in Asia, but the deal flow continues this year, with public sector lender Indian Overseas Bank IOB hitting the ground running on Monday night with a benchmark dollar bond.
The bank, acting through its Hong Kong branch, started off marketing its five-and-a-half year dollar bond to investors at the area of Treasuries plus 430bp, which was tightened to a final guidance of plus 405bp to 410bp, on the back of a strong book of around $5 billion. The deal printed at the tight end Treasuries plus 405bp and raised $500 million, the maximum amount the Indian lender was planning to raise.
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