ICICI proves time is a healer as $750m five year prices flat to curve

ICICI Bank proved this week that new issue premiums are no longer necessary for Indian issuers, with a $750m 5.5 year bond that enjoyed a rousing response in the primary and secondary markets, writes Steve Gilmore. Bankers were divided over whether other Indian issuers would move to take advantage of better funding levels and the final days of an attractive subsidised swap into rupees. But all agreed that the deal bodes well for FIG supply from the country.