ICICI Bank to raise EUR 500 million through International Bond offering

ICICI Bank Ltd has announced that, the Bank acting through its Singapore branch, successfully priced its Euro 500 Million Reg S Floating Rate Note under its Medium Term Note Programme (MTN). The Bank is the first Indian Bank to offer a benchmark sized 2 - year floating rate note in the Euro market. The offering had an EUR 862 million order book with a total of 71 investors. New investors accounted for more than 50% of the deal size.

From a geographical breakdown perspective there was a very widespread participation as 22% of the securities were sold into France, 19% Asia, 18% into Germany, 11% into UK and balance from rest of the Europe. From an investor breakdown perspective, 23% of the securities were sold to banks, 48% to funds, 13% to pension and official institutions. The offering was lead managed by BNP Paribas, Citigroup, Deutsche Bank AG and Hongkong and Shanghai Banking Corporation.

The two-year floating rate notes of EUR 500 million were priced at a spread of 40 basis points over 3 month LIBOR.

Ms. Chanda Kochhar, Deputy Managing Director, of the Bank said "We are pleased with the response to this landmark deal and the investor diversification that has been achieved. This deal signifies that the investors have a very positive perspective on India and on ICICI Bank.

Source : Equity Bulls

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