ICICI Bank to raise $250 m via bonds
This is in addition to the private sector bank's $750 million issuance in August this year and will mature on February 2018.
“The yield to maturity is the lowest paid by any Indian bank for a 5-year bond and by adding $250 million to the earlier issuance ICICI is bringing down the overall cost,” Singh observed.
The bank has been raising funds overseas under its $5 billion Global Medium Term Note programme and by mid-November had borrowed 500 million yuan-denominated bonds, at a coupon of 4.66%, that will mature in 2015. The bonds issued were a re-opening of its September 2015 yuan-denominated bonds.
“ICICI Bank has a lot of room to raise more funds as their $1.7 billion bonds matured in October, 2012,” said Singh. SBI’s successful dollar bond issue in July was followed by other issues including those of ICICI Bank, Axis Bank and Indian Overseas Bank.
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