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...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: icici | uk

Print Edition

FinanceAsia Print Edition