ICICI Bank issues $1 billion 10-year bond

ICICI Bank’s inaugural 10-year US dollar issue is well supported in the primary market and tightens 5bp on the first day of trading.

ICICI Bank has sold $1 billion worth of senior unsecured 5.75% fixed-rate 10-year bonds, marking the first senior US dollar deal with a 10-year maturity to be issued by an Indian bank.

The notes were issued by ICICI's Hong Kong branch and priced late Monday night, Hong Kong time, under Reg-S144A format. The bonds will mature on November 16, 2020.

The Baa2BBB- Moody’sStandard and Poor’s rated notes were reoffered at 99.542 to yield 5.811% at the time of pricing. This was equivalent to a spread of 325bp over the 10-year US Treasury yield.

The rarity of being the first 10-year dollar bond from an Indian bank and...

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