| Date: |
15-04-2010 |
| Subject: |
Export-Import Bank sets guidance on bonds - source |
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HONG KONG (Reuters) - State-owned Export-Import Bank of India is seeking a yield of around 200 basis points (bps) against comparable U.S. Treasuries for its planned 5-year dollar bonds, a source close to the deal said on Wednesday.
The issuer planned to sell $200 million of debt and has hired Citigroup and Deutsche Bank to handle the issue, the source said.
Standard & Poor's has rated the bonds BBB-minus'. The issue was part of the lender's $1 billion medium-term note programme, the rating agency said.
The issuer credit rating on India EXIM incorporates its integral link and critical role to the government, resulting in extremely high likelihood of extraordinary government support," S&P said in a statement.
"The rating also reflects the bank's stand-alone credit features of strong capitalisation and a modest but consistent record of profitability. These strengths are partly offset by the bank's high asset concentration," it added.
Source : REUTERS
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