icici-completes-new-fiveyear-bond-offering

ICICI completes new five-year bond offering

Deutsche Bank and Merrill Lynch price an upsized deal for India's second largest lender inside its own curve.
October 17, 2006
ICICI Bank returned to the dollar market for the first time since August on Tuesday, with an increased $400 million bond offering via Deutsche Bank and Merrill Lynch. The five-year deal priced through the bank's own implied curve and achieved the lowest spread ever for an Indian bank issue.

The leads initially announced the deal as a $300 million offering with guidance released on Monday at around 75bp over mid-swaps. However, that range was tightened further as the deal picked up traction during the marketing period to 73bp over mid-swaps.

The $400 million deal prices at a re-offer of 99.739% on a coupon of 5.875%, to yield at 5.396%, equating to a spread of 120.6bp...
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