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ICICI hits overseas bond market again; may raise $500 mn

This is the third bond sale by the city-based lender so far this year.

Written by Press Trust Of India | New Delhi |
November 19, 2013 3:15:43 am

As part of the its $5 billion medium-term note programme,country’s 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.

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