ICICI Bank raises SGD 225 mn from a 7-yr bond sale programme
"We have successfully raised SGD 225 million through our Dubai branch yesterday at a coupon rate of 3.65 percent. Significantly, the seven-year bond will also yield 3.65 per cent," a bank spokesperson told PTI here today.
The bank had given an initial price guidance of 4 per cent while the final pricing saw of tightening of 0.35 per cent. The issue was oversubscribed by over 13 times to SGD 3 billion, the lead banker to the issue StanChart said.
This is the fifth debt raising by the private sector bank this fiscal with it earlier in the year raising USD 1 billion in two instalments of USD750 million and USD 250 million. The bank had also raised a 1 billion yuan bond earlier in the year apart from a 100 million Swiss franc bond.
StanChart, HSBC and ANZ were the lead managers to theissue, which was closed yesterday.
This was the second issue in 2013, with Exim Bank on January 8 raising USD 750 million through a European bond sale, which was overbought by 8.5 times at a 4 per cent coupon.
"ICICI's new issue has established a new benchmark for them in the Singapore-dollar-denominated bond market. It has also helped them achieve investor diversification, raise seven-year pricing tighter than the USD curve, and establish a benchmark for them in the SGD bond market," StanChart India managing director, capital
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