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Syndicate Bank has raised $500 million through an overseas bond issue of 5.5 years tenor. The issue was priced at 4.125 per cent
The public sector bank intends to utilise the proceeds of the issue to expand lending operations of its London branch.
“The order book was oversubscribed nearly five times. The bonds will be listed on the Singapore stock exchange,” said P. M. Vasantharajan, General Manager.
In terms of allocation, Asia-based investors received 62 per cent of the allocation; European investors (29 per cent); and Middle East investors (9 per cent).
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