ICICI Bank to raise GBP 350 million through International Bond offering

ICICI Bank Ltd has announced that the Bank acting through its Bahrain branch, successfully priced its 3- year fixed rate GBP 350 Million Reg S Floating Rate Note under its Medium Term Note Programme (MTN). The issue marks the inaugural deal in the sterling market from an Indian issuer and also the largest deal in the sterling market from Asia. The deal generated good investor response resulting in the deal being upsized to GBP 350 million. The offering had a GBP 460 million order book with a total of 32 investors.

From a geographical breakdown perspective there was 95% participation from UK and balance from rest of the Europe. From an investor breakdown perspective, 80% of the securities were sold to fund managers, 17% to insurance agencies and 3% to banks and pension funds. The offering was lead managed by BNP Paribas, Citigroup, Deutsche Bank AG and Hongkong and Shanghai Banking Corporation.

The three-year fixed rate notes of GBP 350 million were priced at a spread of 83 basis points over UK Gilts.

The notes will settle on May 18, 2007.

Source : Equity Bulls

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