Syndicate Bank, one of India's oldest commercial banks, has sold a $400 million 5.5-year bond as investors scramble to hold South Asian notes amid improving fundamentals, reinforcing the great rotation back into emerging market credit as US Treasuries plunge to a year-to-date low.
The bank priced the note at Treasuries plus 240bp, which is 25bp tighter than initial price guidance. This is close to fair value of its existing paper maturing 2018 that were trading at a G-spread of 230bp prior to the announcement, according to a source familiar with the transaction.
This was a result of buoyant demand for the offering, which saw the order book...
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