ICICI Bank enters international bond market with approx. Rs 3346.25 crore issue
The largest private sector bank of the country lender ICICI Bank has enters the international bond market with a $500-million (Rs 3,346.25 crore) issue. The bond sale which is part of the bank’s $7.5-billion (nearly Rs 50,193.75 crore) globaly notable programme and is the first from a private sector domestic financial organization this year.
ICICI Bank is in the foreign debt market with a planned $500 million (nearly Rs 3,346.25 crore) bond sale which will lead 10-year maturity. The bank has given a pricing suggestion of 230 basis points above the US treasury, industry according to the sources.
Global rating financial agencies Moody’s and S&P have given ‘Baa3’ and ‘BBB-‘ long-term ratings respectively to this issue. Both the ratings which are investment grade indicating the enough capacity of an entity to meet financial promises.
Moody’s Investors Service has determinate ‘Baa3’ with a positive bias issued under its $7.5 billion (nearly Rs 50,193.75 crore) global medium-term note programme. The crackdown will be carried out from its Dubai International Financial Centre branch, and the bonds will be listed and figured out on the Singapore Stock Exchange, Moody’s said, adding that the outlook on the ratings, where applicable, is positive.
When approached, the city-headquartered lender refused to comment, saying the issue is yet to be closed. The sources said the 10-year fixed amount issue will be sold through the bank’s Dubai International Finance Centre branch and will be closed on Monday’s night.
It said the ‘Baa3’ rating is anchored on ICICI’s ‘Baa3’ baseline credit assessment, which is covered by the bank’s solid franchise as the country’s largest private sector lender by assets, as well as its strong capitalisation, liquidity and collection profile.