ICICI Bank raises $750 million via 5-year dollar bonds at 5.42%
ICICI Bank pulled off a big move by raising $750 million through five-year dollar bonds, with a 5.42% interest rate.
This is its second international bond in just a month, following July's record-setting $1 billion sale, the largest by any Indian bank during this recent wave.
Investors placed over $2.2B orders
Demand was huge: investors placed over $2.2 billion in orders from asset managers and pension funds.
The strong interest let ICICI price the bonds even tighter than expected.
Kotak, Yes Bank plan $500 million each
Kotak Mahindra Bank and Yes Bank are also planning to tap global markets soon, aiming to raise up to $500 million each.
For Kotak, it is its first-ever international bond launch; Yes Bank is making a comeback post a RBI backed restructuring, now with some backing from Japan's SMBC.
Both banks may price their bond issues this week, depending on how the market shapes up.