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, despite the parent intimating a reduction in borrowing activities earlier this year.
ôICICI UK has not actually issued large quantities of paper, but the lack of a clear strategy concerning future issuance from both ICICI...
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