ICICI readjusts curve with $500m bond

India’s second largest bank sells a new 5.5-year note, pricing it inside its existing funding curve as global investors continue to ride on Modi-fueled enthusiasm.

ICICI readjusts curve with $500m bond

ICICI Bank sold a $500 million 5.5-year bond on Thursday, pricing it tighter than its own funding curve and those of its competitors as global investors continue to buy the Indian story.

The 144AReg-S offering, the first new Indian dollar-denominated bank deal in four months, priced at Treasuries plus 180bp, which is 20bp tighter than its initial price offering of Treasuries plus 200bp area, according to a term sheet seen by FinanceAsia....

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