icici-prepares-new-perp-deal

ICICI prepares new perp deal

ICICI Bank to be the first Indian bank to tap the international tier-1 bank capital market.
ICICI Bank kicked-off roadshows this week for IndiaÆs second ever offshore bank capital deal.

The Mumbai-based bank has hired JPMorgan, Merrill Lynch and Morgan Stanley to sell the proposed hybrid tier-1 perpetual non-call 10-year offering worth a maximum $345 million. However, the market expects that the leads will go out with a deal worth $250 million with an eye on upsizing the deal based on the success of the bookbuild.

Following closely after the completion of UTI BankÆs $150 million upper tier-2 subordinated debt, led by Barclays, Citigroup and Deutsche Bank, ICICI is looking to be the second Indian domestic bank to tap the offshore hybrid market and the first in the tier-1 space...
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