ICICI Bank returned to the dollar market for the first time since August 2004 on Wednesday November 9, with an increased $500 million bond offering via Deutsche Bank and Merrill Lynch. The five-year deal priced through the bank's own implied curve and at a much narrower premium to the State Bank of India SBI than would normally have been expected.
Pricing of the Baa3BB rated deal was completed during the New York afternoon following a volatile day in the Treasury market. Pricing was fixed at 99.572% on a coupon of 5.75% to yield 5.85%. This equated to 130bp over Treasuries, or 79bp over Libor.
ICICI...
