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Our Bureau

Mumbai, Sept. 15

Bank of India raised $240 million from the overseas market through its medium term note programme. The 10-year upper Tier-II bond issue was oversubscribed to over $1 billion, said a press release from the bank.

The bank exercised the green shoe option to retain $40 million over the planned $200 million. The issue saw an overwhelming response from Asia (41 per cent), the UK (39 per cent), Europe (19 per cent) and the US (1 per cent). The investors comprised banks (51 per cent), asset management funds (34 per cent), insurance (8 per cent), retail and others forming the rest. The coupon was fixed at 6.625 per cent. The notes have a maturity up to September 2016.

The MTN programme was rated at `BA a2' and `BB' by Moody's and Standard and Poor. The arrangers were Barclays, Deutsche Bank, Citi Bank and HSBC, the release said.

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