Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Indian banks also accessing US capital markets

|Includes:BAC, BNPQY, C, DB, EPI, FNI, HBC.B, HDB, HSBC, HSBC, IBN, ICN, India Fund (IFN), INDL, INDY, INDZ, INR, MCO, MER, RBS, SCBFF, SPGI, UBS
While most of the international banking news has revolved around the European Bank stress tests and recent rush of IPO’s of Chinese banks including Agricultural Bank of China and Everbright Bank, what has gone somewhat unnoticed is the concurrent rush (met with overwhelming demand) of Indian banks tapping America’s fixed income markets. India’s largest bank, State Bank of India (NYSEMKT:SBI) issued its first US-dollar denominated private placement on Friday after selling US$1 billion in 5-year senior unsecured bonds. The offering follows a similar 144A/Reg-S US$500 million 5.5 year offering by similarly-rated private sector bank ICICI Bank a couple weeks earlier.

Disclosure: long all stocks
Stocks: IFN, EPI, FNI, ICN, INR, INDY, INDZ, INDL, IBN, HDB, UBS, BAC, HSBC, MER, C, SPGI, MCO, RBS, DB, SCBFF, BNPQY, HSBC, HBC.B