ICICI Bank plans $500 million bond issue via GIFT City
after close1 source ↓written by the desknot a recommendation
- through five-year dollar-denominated
- $500 million
- over US Treasuries
- 90-95 basis points
ICICI Bank is set to raise $500 million through five-year dollar-denominated bonds via its GIFT City IFSC unit. This marks its first US dollar bond sale in nearly a decade. The proceeds will support client financing, leveraging up to nine times with favorable economics from the RBI's concessional dollar-rupee swap facility.
The bonds are expected to be priced at 90-95 basis points over US Treasuries, appealing to Qualified Institutional Buyers (QIBs) in the US. Immediate market implications include enhanced liquidity for ICICI Bank’s clients and potential interest from global investors.
Not investment advice. For informational purposes only.