By Rebecca Melvin
Concord, N.H., Aug. 24 – India's HDFC Bank Ltd. has priced $1 billion perpetual non-cumulative and subordinated additional tier 1 capital securities (Ba3//), according to a company release and rating notice.
The issue priced with a 3.7% coupon, which was 42.5 basis points lower than initial guidance of 4 1/8%.
HDFC is a Mumbai-based banking and financial services company.
| Issuer: | HDFC Bank Ltd.
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| Issue: | Additional tier 1 capital securities
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| Amount: | $1 billion
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| Maturity: | Perpetual
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| Coupon: | 3.7%
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| Pricing date: | Aug. 18
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| Rating: | Moody’s: Ba3
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| Distribution: | Regulation S and Rule 144A
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| Initial price talk: | 4 1/8%
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