ICICI Bank raises $1 billion via 5-year dollar bonds
Business
ICICI Bank has raised $1 billion by selling five-year bonds in US dollars, its first big international move like this since 2017.
The interest rate is set at 5.46%, which is better than expected, and the offer was so popular that bids hit $3 billion (even though it only aimed for $500 million).
This is the biggest overseas bond sale by an Indian private bank.
ICICI uses new RBI rule
ICICI used a new Reserve Bank of India (RBI) rule from last month that helps Indian banks borrow abroad more cheaply, locking in lower costs.
CreditSights even upgraded its recommendation on ICICI's bonds to "outperform" from "market perform."
The money will go toward general corporate needs, keeping ICICI flexible for future plans.