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Bank of Maharashtra raises $500 million in debut dollar debt, tightens pricing
MUMBAI: India’s state-run Bank of Maharashtra’s drew strong demand for its inaugural U.S. dollar-denominated bonds, allowing it to price the five-year debt at a narrower spread compared with its initial guidance, two bankers said on Friday. The bank raised $500 million through the debt sale at a coupon of 6.1120% payable on a semi-annual basis, it said in a notice to stock exchanges. The issue was sold at a spread of 130 basis points over U.S. Treasury, a contraction of 25 basis points as compared to the initial price guidance of 155 bps. The funds will be raised under the central bank’s conce...
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