ICICI Bank set to raise up to $500m by selling dol­lar bonds

The Pak Banker - - COMPANIES/BOSS -

ICICI Bank Ltd, In­dia's largest pri­vate sec­tor bank by as­sets, is set to raise up to $500 mil­lion (around Rs.3,200 crore to­day) by selling five-year dol­lar bonds to in­vestors in Europe and Asia, two peo­ple fa­mil­iar with the is­sue said.

The is­sue opened ear­lier on Wed­nes­day and is likely to close by late evening. "This could be the last dol­lar bond is­sue from In­dia be­fore the Euro­pean sum­mer break in the sec­ond half of Au­gust," said a per­son in­volved in the deal, adding that the is­sue will be orig­i­nated from the bank's Dubai branch.

The ini­tial pric­ing guid­ance for the is­sue is 180 ba­sis points above the five-year US trea­sury yield. On Tues­day, five-year US trea­sury notes closed at a yield of 1.625% One ba­sis point is 0.01 per­cent­age point. This is ICICI Bank's first dol­lar bond in 2015. It is part of the bank's $7.5 bil­lion MTN (medi­umterm note) pro­gramme.

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