ICICI Bank UK issues $500 million FRN

Appetite for IndiaÆs second-largest bank helps UK subsidiary raise $500 million.

Despite its short history, ICICI BankÆs 100% owned UK subsidiary priced a five-year senior unsecured $500 million floating rate note FRN inside guidance on Thursday evening.

The final price of the Singapore-listed, Reg-S issue was 62bp over three-month Libor, compared to initial guidance in the area of 65bp. Final guidance was between 62bp and 64bp. This is the tightest pricing ever for a five-year issue from ICICI, say specialists.

The funds are to be used to buttress growth, which...

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