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India ’s Bank of Baroda has mandated Citigroup, Cr édit Lyonnais, Development Bank of Singapore and Natexis Banques Populaires to lead arrange a US$100mn 360-day facility.

The loan has been launched into sub-underwriting and general syndication. It features a spread of 28bp over Libor. A sub-underwriting fee of 2bp and a participation fee of 12bp are being offered for commitments of US$15mn.

Banks are being invited on three levels in general syndication. Co-arrangers with takes of US$10mn or more earn fees of 12bp, lead managers with US$5mn-9mn receive 11bp, and senior managers with US$2mn-4mn receive 9bp. This means an all-in price of 42bp for arrangers.

The loan compares favourably to the US$100mn 360-day facility currently in syndication for State Bank of India . That deal, arranged by Standard Chartered, Natexis Banques Populaires and Oversea-Chinese Banking Corp, is paying a top level all-in price of 39bp.