Indian bank spree ends with Axis $250m tap

22 Aug 2012

Indian banks have now raised $3.6bn in the last month, after Axis Bank closed a $250m tap of an outstanding deal this week. But bankers said they think it will be the last Indian lender to tap the market for a few months.

Axis priced its $250m tap to a $500m five year bond at 390bp over Treasuries, the lower end of price guidance and 50bp tighter than where the original deal was priced in February. The new bond paid a minimal new issue premium to the secondary prices of the ...

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