The final orderbook for IDBI Bank's 5.5-year Reg S bonds was around USD4.5bn with 250 accounts participating. This allowed the Indian lender to narrow its final pricing to the tight end of final guidance.
India's eighth-largest commercial bank by assets priced the USD500m US-dollar denominated 5.5-year Reg S bond at 99.855 to yield 4.405% on a 4.375% coupon.
That translates into a spread of 370bp over US Treasuries, 25bp inside initial guidance of T+395bp and at the tight end of revised price talk of T+375bp +/- 5bp.
Being a Reg S deal, Asia accounted for 68% of investors while 32% came from Europe. Fund managers took up 51% of the issue, 23% went to banks, 23% to private banks and 3% to others.