Bank of Baroda plans $500-M bond sale

Mumbai-based Bank of Baroda is preparing to raise about $500-M through a dollar-denominated bond sale. The proposed bond is expected to have a five-year maturity and be priced at roughly 90 basis points over comparable US Treasury yields.The bank is a state-owned lender providing a range of financial services. The entity plans to use the proceeds from the proposed bond sale to bolster foreign-currency resources following new incentives introduced by the Reserve Bank of India.