Bank of Baroda and Woori Bank sell 5.5-year bonds

Bank of Baroda and Woori Bank both issued 5.5-year bonds early Tuesday morning Hong Kong time. Korea's Woori brought the bigger of the two deals at $500 million, while India's Baroda raised $350 million.

Baroda, which is rated Baa2 by Moody's and BBB by Standard and Poor's, issued Reg-S senior fixed-rate notes with a coupon of 4.75% and a yield of 4.886%. The maturity date was set to October 7, 2015.

Initial guidance was indicated at Treasuries plus 235bp, which was tightened to 230bp to 235bp before the close of Monday's trading session in Asia. And with an order book of $1.4 billion -- four times the deal size -- the bookrunners were able to price the bonds at the tight end of that guidance, at 230bp over the equivalent five-year Treasury yield. By late Tuesday afternoon the bonds were trading about 6bp tighter at a spread of 228bp to 224bp.