Canara Bank’s $350m issue, the third big dollar bond from an Indian bank this year, has left debt bankers wondering how many more deals the market can absorb. The September 2016 bond, Canara’s first senior unsecured bond in the international market, follows deals from Bank of India and Bank of Baroda and bankers expect plenty more from India’s banking sector.
"The number of Indian banks that will attempt to tap the international bond market will increase this year, and there will quite a few new names," said an Indian DCM origination banker. But some syndicate bankers fear the supply could be too much for investors.
Indian Overseas Bank, Punjab National