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-At least 7 banks to run Indian Overseas Bank's USD500m bond issue.

BANKING AND CREDIT NEWS-March 15, 2012--At least 7 banks to run Indian Overseas Bank's USD500m bond issue(C)2012 M2 COMMUNICATIONS

15 March 2012 - At least seven banks have been mandated for the bond issue worth USD500m (EUR384m) planned by Indian Overseas Bank (BOM:532388), the Indian lender's chairman M. Narendra told Reuters Thursday.

The banks are Citibank, HSBC (LON:HSBA), Standard Chartered (LON:STAN), JPMorgan (NYSE:JPM), Royal Bank of Scotland (LON:RBS), Barclays (LON:BARC) and Deutsche Bank (FRA:DBK), he said.

The state-controlled lender is looking to issue a Reg S bond, which means the offering will be open to foreign investors outside the US.

Narendra said the bank was not in a hurry to raise capital and would watch the market for the right moment for the issue.

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 15, 2012
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