http://www.financialexpress.com/news/sbi-bond-sale-sees-largest-ever-orderbook/979695/
The Pratip Chaudhuri-led State Bank of India (SBI), India's largest lender managed to achieve the lowest ever coupon for an Indian issuer for a 5-year tenor after its much awaited bond priced 375bp over treasuries overnight.
That came on the back of an orderbook as large as USD6.8bn, the largest SBI has ever seen on a dollar bond despite the negative headlines about the economy.
But that achievement was soured by a less than a stellar performance in the secondary market this morning. The bonds went to as high as 380bp but rebounded and are currently back to re-offer level.
That trade also triggered selling in the Indian banking sector with spreads marked 3-5bp wider to factor in more supply.
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