ICICI Bank returns to global debt market with $500m-plus bond
Business
ICICI Bank is making a comeback in the global debt market after nearly nine years.
It is set to raise at least $500 million with a five-year dollar bond, marking its first such deal since 2017.
The initial pricing puts the bond at 130 basis points above US Treasury yields, and final rates should be locked in by this Friday.
ICICI Bank to fund daily operations
The money raised will go toward ICICI's everyday business needs, helped by new RBI rules that make borrowing cheaper.
This move follows similar fundraisers from HDFC Bank and Axis Bank earlier this year, showing Indian banks are getting more comfortable tapping international markets for big funding.