ICICI Bank pulls volte face and makes lower tier two call

15 Jun 2011

ICICI Bank shocked investors last week when it revealed that it was not going to call a small, privately-placed lower tier two bond falling due next month. But those investors got another, more welcome surprise at the weekend — when ICICI changed its mind, and said it would call the bond after all.

The Indian bank launched a debt exchange for three private placements worth a total of $100m last week, giving investors a reasonable alternative to holding bonds that ICICI did not want to call. The bank had a $150m November 2020 deal outstanding, and it wanted to increase this ...

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