As part of the its $5 billion medium-term note programme,countrys largest private sector lender ICICI Bank today hit the overseas bond market with the third such programme this year.
The bank has given a final pricing guidance for the benchmark 5.5-year issue at 360 basis points over the US treasury,according to merchant bankers. This is the third bond sale by the city-based lender so far this year. It had raised S$225 million early January in a seven-year bond sale programme through its Dubai branch at a coupon of 3.65 per cent and a 1-billion Chinese yuan issue (around $100 million) in June.
We have launched a US dollar-denominated Reg S benchmark bond sale programme for ICICI Bank with an initial final price guidance of 360 bps above the US treasury, one of the merchant bankers said. A US dollar-denominated benchmark bond issue can be to the tune of $500 million and above.
When contacted,ICICI refused to comment saying the issue is yet to be closed.