Indian telco Bharti Airtel has priced its €250m (US$341.3m) tap issue of 4% senior unsecured notes due 2018.
The eurobonds priced at 275 basis points over five-year mid-swaps, slightly below the initial guidance of between 280-285bp.
This reflects…
Indian telco Bharti Airtel has priced its €250m (US$341.3m) tap issue of 4% senior unsecured notes due 2018.
The eurobonds priced at 275 basis points over five-year mid-swaps, slightly below the initial guidance of between 280-285bp.
This reflects the strong investor demand for the add-on financing with the order book at more than €600m. The additional debt priced 25bp inside of the original €750m offering of December 2013.
Bharti stated that 87% of allocation went to real money fund managers, predominantly from the UK (51%), France (16%) and the Netherlands (12%).
It was the first foreign currency bond issuance out of India in 2014 and the first ever eurobond tap by an Indian issuer.
Commenting on the transaction, Harjeet Kohli, group treasurer of Bharti, said: “We are delighted with the response in the euro debt markets for Bharti Airtel. Across tenors and markets, Airtel now has US$1.5bn in the US$ bond markets and €1bn in the eurobond markets.
“These issuances have much diversified our sources of funding, currencies and investor base. The pricing and appetite represent the strong demand for a robust and internationally diversified investment grade credit like Bharti Airtel.”
Barclays, BNP Paribas, Deutsche Bank, JP Morgan, Standard Chartered and UBS were joint bookrunners on the financing.
