Bank of Baroda raises US$400 million via 5.318 percent bonds
BANKBARODA · price
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Bank of Baroda completed an additional US$400 million issue of senior unsecured fixed rate notes through its GIFT City branch. The notes have a 5.318 percent annual coupon, 5.389 percent all-in yield and five-year original maturity, maturing in 2031. They will combine with the existing US$300 million notes, taking the total to US$700 million. Fitch rated the notes BBB minus, S&P BBB and CareEdge BBB plus with a stable outlook.
The bank adds US$400 million of unsecured funding. Investment grade ratings were retained, but the 5.389 percent cost may modestly pressure margins; direct share impact is limited.