The Indian bank is out with a three year deal with initial price guidance at 4.125%, according to a banker on the transaction.
“The backdrop isn’t roaring but there’s still investor appetite, and why not go if you can match investor appetite with demand and supply?” said another banker on the deal.
ICICI made its debut in the offshore renminbi space last February and has priced a total of four deals last year, including one private placement. The last transaction was a Rmb500m ($81.6m) three year at a 4.9% coupon in September.
The senior unsecured Reg S notes are rated BBB- by Standard & Poor’s and will be listed on the Singapore stock exchange.
HSBC and Standard Chartered are bookrunners.