Published on 10/24/2013 in the Prospect News Emerging Markets Daily.
New Issue: India's HDFC prices $500 million 3% notes due 2016 at 255 bps spread
By Christine Van Dusen
Atlanta, Oct. 24 - India's HDFC Bank Ltd. priced $500 million 3% three-year notes (expected ratings: Baa2/BBB-/) at 99.618 to yield Treasuries plus 255 basis points, a market source said.
BofA Merrill Lynch, Barclays, JPMorgan and Standard Chartered Bank were the bookrunners for the Regulation S deal.
HDFC is a Mumbai-based bank.
| Issuer: | HDFC Bank Ltd.
|
| Amount: | $500 million
|
| Maturity: | Nov. 30, 2016
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, JPMorgan, Standard Chartered Bank
|
| Coupon: | 3%
|
| Price: | 99.618
|
| Spread: | Treasuries plus 255 bps
|
| Trade date: | Oct. 24
|
| Settlement date: | Oct. 30
|
| Expected ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Distribution: | Regulation S
|
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