ICICI's $300m bond deal sets new record

India's largest private-sector lender returns with an aggressively priced $300 million deal that sets a new pricing benchmark.

ICICI Bank, India’s largest private-sector lender, sold the country's tightest senior bank note since 2008, raising $300 million from a five-and-a-half year transaction.

The Reg S sale captured more than $900 million of orders, with more than half of the deal selling to banks and private banking accounts, two sources familiar with the matter told FinanceAsia.

A combination of the tight credit spread environment in Asia, India’s improving credit fundamentals, and the scarcity of paper from emerging markets generally ensured the deal’s success.

“It was an opportunistic deal to pick up an extremely favourable market window,” a syndicate banker said. “The...

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