ICICI sells $300m bond

India''s biggest privately owned bank raises $300 million despite holidays.

India's ICICI Bank has raised $300 million from a bond offer through its Singapore branch. And despite the summer holidays, bankers selling the deal managed to find enough investors to price the bonds inside ICICI's existing debt.

ABN AMRO, Bank of America and Deutsche Bank were mandated last Wednesday and turned the deal around in fairly short order. A total of 49 accounts placed orders for more than $400 million, with 27% of the investors coming from Europe and the balance split equally between Asian and overseas US investors.

The bonds have a five-year maturity and carry a coupon of 5%, paying semi-annually. The deal,...

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