Bank of Maharashtra launched its first-ever U.S. dollar-denominated bond issuance. The state-run lender aims to raise up to $500 million through the sale.
The bank is marketing the bonds with a five-year maturity to offshore investors. Initial price guidance is set at 155 basis points over U.S. Treasury yields. This issuance marks the bank's first time tapping the international debt market.
Proceeds will fund requirements for the bank's head office and foreign branches. The capital will also support general corporate purposes.
S&P expects to rate the bonds BBB. Fitch Ratings assigned an expected rating of BBB-.