ICICI bonds with US investors

India''s largest private sector bank brings the country''s first 144a deal since 1997.

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...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222