ICICI Bank, Axis Bank to raise $600 million US dollar bonds
ICICI Bank and Axis Bank are heading back to the US dollar bond scene, each planning to raise $300 million.
These deals will close for subscription next week and use RBI's hedging facility, which helps banks borrow at lower costs.
ICICI's bonds will mature in five years with a 5.3520% coupon rate, while Axis is reissuing its 5.3480% bonds maturing in 2031, bringing their total to $600 million.
ICICI and Axis IFSC listings planned
Both sets of bonds will be listed on India International Exchange IFSC and NSE IFSC platforms.
ICICI recently pulled off a record-breaking $1 billion bond issue, the biggest by an Indian lender in nearly 14 years, with a 5.46% coupon rate.
Not far behind, Axis raised $800 million last June through dual-tranche bonds, including perpetual notes at a solid 6.875%.