icici-completes-indias-first-ever-tier1-capital-bond-deal

ICICI completes India's first ever tier-1 capital bond deal

JPMorgan, Merrill Lynch and Morgan Stanley price ICICI's bank capital deal inside of initial guidance.
ICICI Bank priced its debut international tier-1 bank capital deal at the tight end of revised guidance early Friday morning August 18.

The leads, JPMorgan, Merrill Lynch and Morgan Stanley, released initial guidance on Wednesday at 195bp-215bp over mid-swaps or 250bp to 270bp over US Treasuries. That range was tightened further as the deal picked up traction during the extensive roadshow schedule to 247bp to 250bp over Treasuries.

The $340 million perpetual non-call 10-year deal prices at a re-offer of 99.324% on a coupon of 7.25%, to yield at 7.341%. That equates to a spread of 247bp over Treasuries or 194bp over mid-swaps.

The deal is rated Baa2BB- by MoodyÆs and...
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