Bank of Baroda is likely to open a $500 million offshore bond issue in January, two sources with direct knowledge of the transaction told Reuters on Wednesday.
"It's more likely in January. They are waiting for bankers to return from holidays and markets to re-open," said one source, who did not wish to be identified, adding the five-year senior unsecured debt would be dollar-denominated.
The bank is yet to decide on pricing for the planned bond issue, sources said.
A Bank of Baroda official said the bank had looked at raising funds through an offshore bond sale last month, but postponed the plan as it wanted market conditions to improve. "We had planned in November, which we have deferred.
We have not firmed up anything... it will all depend on the market," said Rajiv Bakshi, executive director, Bank of Baroda.
Barclays, HSBC, Citigroup and Deutsche Bank will manage the bond issue for the state-run bank, the sources said.
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