ICICI note raises $500m on favourable terms

The Indian bank priced the dollar-denominated five-year bond below initial guidance as yield-hungry investors sought buying opportunities ahead of an anticipated Fed interest rate hike.

India's ICICI Bank raised $500 million through the sale of a five-year bond on Wednesday after pricing the deal below initial guidance of Treasury plus 180 basis points as investors sought to deploy capital ahead of an anticipated interest rate hike by the US Federal Reserve.

The Reg-S offering, the first new Indian dollar-denominated bank deal after Bank of India's $750 million sale in late April, priced at Treasury plus 160bps, well below its initial marketing range of around Treasury plus 180bps, according to people working on the transaction.

“There was a clear scarcity of Indian paper in April, according to a person...

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