India's ICICI Bank talks dollar-denominated tier 1 bonds at Treasuries plus 250 to 270 bps

By Paul A. Harris

St. Louis, Aug. 16 - India's ICICI Bank Ltd. has talked its dollar-denominated offering of perpetual tier 1 bonds at Treasuries plus 250 to 270 basis points, according to an informed source.

The size of the offering remains to be determined.

Pricing is expected on Thursday.

Merrill Lynch & Co., JP Morgan and Morgan Stanley are leading the Rule 144A and Regulation S offering.

The notes will come with 10 years of call protection. If the notes are not called in 10 years, the coupon will step up by 100 basis points.

Moody's Investors Service is expected to assign its Baa2 rating to the bonds.

The prospective issuer is a Mumbai, India-based bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.