Syndicate Bank raises $400 mn via bond issue

Syndicate Bank raises $400 mn via bond issue

Public sector lender Syndicate Bank said on Friday that it has raised $400 million through the issue of senior unsecured bonds through its London branch. The issue is part of the bank’s $2 billion medium-term notes program. 

Syndicate Bank Chairman & Managing Director Sudhir Kumar Jain said, "We are happy to conclude this transaction in the backdrop of the optimistic sentiments generated by the new government in India. We interacted with investors across geographies and were able to effectively communicate the strategy and the strengths of the bank."

The 5-and-a-half year bond was priced at a spread of 240 bps over the 5-year US Treasury, equivalent to a price of 100 per cent and yield of 3.875 per cent per annum. The bonds will carry fixed interest of 3.875 per cent per annum. The maturity date has been set on December 04, 2019.

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