Manipal-based public sector lender Syndicate Bank has raised $500 million via sale of dollar bonds at coupon rate of 4.12%. The bank has raised funds for five and a half years at a spread of 355 basis points above the comparable US Treasury.
The issue was a part of bank’s $1 billion medium-term note program. Meanwhile, Deutsche Bank, Citibank, JP Morgan, Standard Chartered Bank and HSBC were the book runners of the issue. The bank, in May 2011, had raised $500 million through MTN. It issued bonds having tenure of 5.5 years with coupon of 4.75%.
