Commentary & Deal Flow

HDFC Bank Limited acting through its GIFT-City Branch (HDFCB) exp Baa3/BBB (s/s) US$1.75bn 144A/Reg S 2-pt sr unsec notes (3y FXD due 08/26/29 and 5y FXD due 08/26/31). BNP/BofA/JPM (B&D)/Mashreq/MUFG/SG/Stan Chart/WFS joint lead managers. First pay: 02/26/27. Denoms: 200,000 x 1,000. UoP: (i) meet the funding requirements of the Bank's foreign branches from time to time (together, the “foreign offices”); (ii) develop and expand business in the foreign offices; and/or (iii) meet the Bank’s general corporate purposes. Governing Law: English Law. Listing: India INX (India International Exchange (IFSC) Limited) and NSE International Exchange (NSE-IX). Pricing 08/20. Settle 08/26 (T+4).
IPTs: 3y T+120 area and 5y T+130 area.
GUIDANCE: 3y T+88#, 5y T+100#.
LAUNCHED: $500m 3y at T+88, $1.25bn 5y at T+100.
PRICED:
$500m 5.159% 8/26/29 100.000 5.159% T+88.
$1.25bn 5.401% 8/26/31 100.000 5.401% T+100.