BoB to raise $500 million

 State-run Bank of Baroda on Wednesday became the second domestic issuer to approach the overseas bond market in the New Year with a 5.5-year $ 500 million (around Rs 3,100 crore) issue.

“We have just announced a benchmark ($500 million or above) US dollar unsecured senior bond issue (REG S) for a 5.5-year money. The final guidance for the issue, maturing in 2019 has been set at 330 bps over the US treasury,” one of the merchant bankers, who wished not to be named citing confidentiality issues, said.

This Monday, the largest telecom Bharti Airtel raised 250 million euros at a coupon of 385 bsp above the EUR MS rate by reopening its 750 million euro issue which it had raised in December at 4.05 per cent.

Bank of Baroda, which is the second largest PSU lender in the country, could not be contacted for comment.

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