ICICI Bank prices $500 million bond

ICICI Bank prices 30bp tighter than Axis Bank despite the ongoing market volatility. Also to price on Friday were Bank of East Asia and Li & Fung.

The pricing of a bond issue by ICICI Bank, India's second largest private bank, has acted as a declaration that the two-month lull in the Asia primary bond markets is finally over.

ICICIĀ sold $500 million of senior unsecured Baa2BBB-ratedĀ bonds early Friday morning. The 144AReg-S issue printed with a five-and-a-half year maturity and 5% coupon. The notes priced at par, with a 5% yield which was equivalent to a spread of 320bp over...

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