us-investors-back-icicis-2-billion-monster-bond

US investors back ICICIÆs $2 billion 'monster' bond

Huge bank capital deal is bigger than Indian marketÆs combined 2006 US dollar issuance.
ICICI Bank has closed IndiaÆs biggest ever offshore bond offering, topping the scales at a whopping $2 billion. By the time that the Rule 144A deal priced in New York on Tuesday afternoon it was comfortably above the marketÆs wildest expectations.

The deal was rumoured last week at $1 billion - and that would still have been a noteworthy transaction. However, as ICICI and its bankers started talking to investors in cities around the world, the stars aligned to produce a unique transaction. ôWhat was different about this dealö says one banker rhetorically. ôEverything. ItÆs a monster, a totally different animal.ö

Indeed it is. Indian borrowers have typically raised relatively small amounts offshore and...
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