Bond investors want transparency from ICICI UK

The UK subsidiary of the Indian bank is advised to clear up some of the confusion surrounding ICICI's borrowing strategy ahead of its proposed $500 million benchmark issue.

ICICI UK kicked off a roadshow for a rumoured $500 million benchmark bond deal this week. Bookrunners Citi, Lehman Brothers and Merrill Lynch have reportedly advised the Indian bank to demonstrate increased transparency and a firmer strategy regarding its borrowing programme. Indian paper has underperformed this year due to the glut of paper arriving on the market.

Elements of the buy-side feel the bank and its parent ICICI Bank have ôborrowed and sought any pocket of liquidity they can findö,...

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