icici-uk-prices-benchmark-bond-in-a-weak-market

ICICI UK prices benchmark bond in a weak market

ICICI UK completes its $500 million bond, but a book of just $675 million suggests demand for Indian paper will not last.
ICICI UK, a subsidiary of IndiaÆs ICICI Bank, last night priced its $500 million Reg-S bond at guidance amid a weakened Asian debt market. The issuer attracted $675 million worth of demand at 50bp over three-month Libor.

A total of 52 investors participated in the transaction, which was managed by Citi, Lehman Brothers and Merrill Lynch.

In terms of comparables, bankers quoted ICICI IndiaÆs 2010 FRN that was trading last night at 48bp over Libor, as well as UTIÆs 2010 FRN that was quoted at 52bp over Libor. Additionally, ICICI IndiaÆs fixed 2012 issue and ICICI UKÆs 2012 FRN were trading yesterday at 63bp and 65bp over Libor respectively.

The geographic split...
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