ICICI Bank secures $1.45bn offshore loan priced 110bps over SOFR
ICICI Bank just secured a huge $1.45 billion offshore loan, teaming up with Bank of America, Mizuho, Mashreqbank, and United Overseas Bank.
The deal runs for four years and is priced at 110 basis points over the US SOFR rate; pretty solid for India's second-largest private lender.
Indian banks raise $2.58 billion overseas
Indian banks have been busy raising money overseas since the Reserve Bank of India, or RBI, made it easier in June by lowering foreign exchange swap rates to 1.5% for loans of at least three years.
Thanks to these changes (valid until December 31), banks have pulled in $2.58 billion in US dollar funding so far, helping boost foreign currency inflows and shore up the rupee that's been battered by the Iran war.
ICICI Bank raised $1bn, seeks $500m
Last month, ICICI also raised $1 billion through five-year bonds, their first international debt issue in nearly 10 years, and they're in talks to raise another $500 million in offshore bonds.
All these moves are aimed at attracting foreign-currency inflows to shore up the rupee.