Public sector lender Bank of Baroda (BoB) is looking to tap the overseas market and is issuing five-year senior unsecured notes, bankers in the know confirmed to FE. The proposed dollar-denominated bond issue was rated Baa3 by global ratings agency Moody’s Investor Services.
Moody’s also said the rating remains unchanged on BoB’s existing $750-million notes issued on January 23, 2014, following the announcement of a tap bond offering on these notes. “The tap bond offering has the same terms and conditions as the exiting notes, and is being issued from its London Branch,” Moody’s said.
Bloomberg news gave an initial pricing guidance of 215 bps over the current US treasury yields and the sale managers are HSBC and Standard Chartered Bank.