Indian mobile operator Bharti Airtel has priced US$1bn in guaranteed senior notes, with the offering nearly ten times oversubscribed by investors.
The 2023 notes carry a coupon of 5.125% and have been priced at around 325 basis points over the 10-year…
Indian mobile operator Bharti Airtel has priced US$1bn in guaranteed senior notes, with the offering nearly ten times oversubscribed by investors.
The 2023 notes carry a coupon of 5.125% and have been priced at around 325 basis points over the 10-year US treasury note, the telco said today in a statement to the Bombay stock exchange.
The offering, which was issued by the group’s Dutch subsidiary, was 9.5 times oversubscribed, making it the biggest inaugural bond deal for Bharti and the largest ever issuance by an Indian telco, according to the statement.
Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, Standard Chartered and UBS acted as joint bookrunners and lead managers on the deal.
Investors were almost equally spread between Europe, the US and Asia, comprising fund managers, banks, insurance companies and other corporations.
“We are extremely pleased with the strong interest shown by top global investors in Bharti’s inaugural bond issue,” said Harjeet Kohli, group treasurer of Bharti, in today’s statement to the bourse.
“In the backdrop of a volatile global environment, the transaction was well executed in the short time window available. Diversifying its funding base, this transaction opens the door for Bharti to have an ongoing relationship with global investors in a deep corporate debt market.”
