Indian lender Syndicate Bank, acting through its London branch, last night priced its debut $500 million five-and-a half-year bond at Treasuries plus 285bp, at the tight end of final guidance.
The price whisper released yesterday morning was in the area of Treasuries plus 300bp, which investors deemed to be generous. This was subsequently tightened to a final guidance of Treasuries plus 285bp to 295bp yesterday afternoon.
The deal was expected to raise $350 million to $500 million and ended up issuing at the upper end of that range, even though some investors had put in limit orders. According to one person familiar with the deal, there was...
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