ICICI Bank, India’s second-largest private sector lender, has raised $750 million through a five-year US dollar bond, taking its total dollar debt fundraising to $2.05 billion in about a month. The latest issue, raised through the bank’s International Financial Services Centre Banking Unit, was priced at a spread of 105 basis points over the five-year US Treasury yield, tighter than the initial guidance of 130 basis points. The notes carry a coupon of 5.417% and are scheduled to mature on August 21, 2031. The proceeds will be used for general corporate purposes, including lending and investment activities. This marks ICICI Bank’s third dollar debt transaction in roughly a month and places it among the leading Indian lenders in overseas dollar fundraising since the Reserve Bank of India announced its concessional foreign-currency swap window in June. The increased overseas borrowing comes as Indian banks seek to raise foreign-currency funds ahead of the RBI’s early closure of the concessional swap facility for FCNR(B) deposits.
ICICI Bank Accelerates Overseas Fundraising With $750-Million Bond
