ICICI Bank issues $1bn international bond in Dubai

The bond offering had an order book of US$2.7bn with interest from more than 220 investors.

ICICI Bank, acting through its Dubai branch, successfully priced an issuance of 5.5 year fixed rate notes in aggregate principal amount of US$ 1.00 billion. The offering had an order book of US$ 2.70 billion with strong interest from over 220 investors. The notes were sold under the Rule 144A/Reg S format, according to a report in Business Standard.

The 5.5 year fixed rate notes carry a coupon of 4.75% and were offered at an issue price of 99.665%, which translates to a spread of approximately 251.5 basis points over equivalent LIBOR.