Indian banks queue up to tap dollar bond market

ICICI Bank and Union Bank of India launch dollar bonds amid keen demand from investors for quality paper.

Indian banks queue up to tap dollar bond market

Indian banks are taking full advantage of the strong demand for quality paper, with ICICI Bank closing a $750 million five-and-a-half year bond early Wednesday morning, after attracting $5.7 billion worth of orders.

The deal priced at Treasuries plus 400bp, at the tight end of the final guidance of Treasuries plus 400bp to 405bp. This was some 25bp inside the initial guidance, which was in the area of Treasuries plus 425bp.

The...

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