IDBI appoints additional debt arrangers

IDBI Bank has added three additional arrangers for a possible debt issue in the coming months, a senior executive of the bank said on Friday.                                           
 

"Barclays and HSBC are mandated lead arrangers for the MTN programme," Melwyn Rego, executive director and head of IDBI's international banking business, told Reuters.                            
 

"In addition to these two banks, IDBI Bank has appointed BNP Paribas, RBS and Standard Chartered as arrangers for the first issue under the MTN programme," he said.                                       

The bank's $1.5 billion medium-term note (MTN) programme was filed with the Singapore Stock Exchange in November 2007 but has not yet been tapped, he said.                                           

A senior banker familiar with IDBI Bank's debt plans said the bank was looking at raising up to $500 million, but Rego said the bank had not yet decided on the size of the issuance and was watching global markets for favourable spreads.                                           
 

"IDBI is planning investor update meetings and would decide on a bond issuance or on making a bond issuance only if market conditions improve," Rego said.