Mumbai: Midsized private sector lender Indusind Bank has priced its $400 million maiden overseas bond sale 3.875%, 25 basis points tighter than before on account of strong investor response. The strong investor response helped the bank to tighten the pricing by 25 bps from the initial guidance and the final coupon has been fixed it at 3.875%, it said in a statement. "The bond issue gives us not only an important source of fund diversification, but also an enhanced capability to support our clients," managing director and chief executive Romesh Sobti was quoted as saying in the statement. Typically, domestic lenders deploy funds from overseas bond issue for on-lending to Indian corporates who require loans against their foreign currency receivables. Bank of America-Merrill Lynch, Barclays, Citigroup, CLSA, HSBC, JP Morgan and Standard Chartered Bank acted as joint book-runners and joint lead-managers to the issue.

Source: Mint April 09, 2019 13:41 UTC