Private sector lender ICICI Bank said on Tuesday that its Dubai branch has raised $750 million in a 5.5-year overseas bond sale at a coupon of 4.80 per cent. “Our Dubai branch has raised $750 million in a 5.5 year fixed rate Reg S notes, which carry a coupon of 4.80 per cent and were offered at an issue price of 99.609,” ICICI Bank said in a statement. The bank said the money was raised yesterday as part of its $5 billion medium term note (MTN) programme.
The issue, which is the first Reg S notes issued from the country after May 24 when the interest rates in the West spiked after the US Fed’s tapering talks, attracted 4.5 times the offer or USD 3.5 billion worth of order, merchant bankers said.
Investors would get an yearly yield on 4.882 per cent at year-to-maturity on May 22, 2019. The bonds will be listed on the Singapore Stock Exchange, the statement said. The issue got one of the highest participations from the US and European investors, who together lapped up 66 per cent of the issue, which according to a merchant banker, is a record.