ICICI gets strong response after testing bid for Indian banks in 10 year part of the curve
ICICI Bank sold a $1bn 10 year bond at the start of this week, getting a warm reception for a rare long dated bond from an Indian bank — but an issue that bankers suspect will be among the last bonds this year from an Indian financial institution.
Barclays Capital, Citi and Deutsche Bank arranged the $1bn 5.75% November 2020 issue. They priced the deal at 325bp over Treasuries, at the tight end of guidance set at 325bp-330bp.
The bookrunners had sounded out investors for a deal between $500m and $1bn, initially approaching them with price
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