As part of the its $5 billion medium-term note programme, ICICI Bank, the country's largest private sector lender, hit the overseas bond market with the third such programme this year.
The bank has given a final pricing guidance for the benchmark 5.5-year issue at 360 basis points over the US treasury, according to merchant bankers.
"We have launched a US dollar-denominated Reg S benchmark bond sale programme for ICICI Bank with an initial final price guidance of 360 bps above the US treasury," one of the merchant bankers said on Monday.
The merchant bankers include Bank of America-Merrill Lynch, Citi, Deutsche Bank, HSBC and Standard Chartered.
This is the third bond sale by the city-based lender so far this year. ICICI Bank had raised SGD 225 million (Singapore dollars) early January in a seven-year bond sale programme through its Dubai branch at a coupon of 3.65 per cent and
a 1-billion Chinese yuan issue (around $100 million) in June.
A US dollar-denominated benchmark bond issue can be to the tune of $500 million and above while a Singapore dollar-marked issue could be of SGD 250 million and a Hong Kong sale could be HKD 300 million.
The current issue has an S&P rating of BBB- (BBB-/negative/A-3).
"The rating on the notes reflects the long-term counter-party credit rating on the bank. The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of ICICI Bank. The proposed notes will be listed on the Singapore exchange," S&P said in a statement from Singapore.
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