ICICI snags tightest dim sum pricing despite volatile time
ICICI Bank tightened guidance on its Rmb650m ($106m) three year offshore renminbi deal on June 18, allowing the lender to lock in its lowest coupon ever for a dim sum bond.
A banker on the deal said the issuer was willing to sacrifice deal size to achieve a 4% pricing level. Yet the leads were able to attract 47 investors who collectively put down Rmb1bn on the table, allowing the Indian bank to narrow guidance by 12.5bp to 4%.
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