India's ICICI Bank plans to issue dollar-denominated perpetual bonds

By Reshmi Basu

New York, Aug. 11 - ICICI Bank Ltd. plans to sell a dollar-denominated offering of perpetual hybrid tier 1 bonds (Baa2 expected), according to a market source.

The bonds will be non-callable for 10 years. If not called, the coupon will step up by 100 basis points.

Merrill Lynch, JP Morgan and Morgan Stanley are joint lead managers for the Rule 144A and Regulation S issue.

ICICI Bank is based in Mumbai, India.

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