By Reshmi Basu
New York, Aug. 17 - India's ICICI Bank Ltd. sold $340 million of perpetual tier 1 bonds at 99.324 with a 7¼% coupon to yield Treasuries plus 247 basis points, according to a market source.
The deal came below price guidance, which was set at Treasuries plus 250 to 270 basis points.
Merrill Lynch & Co., JP Morgan and Morgan Stanley were joint bookrunners for the Rule 144A and Regulation S offering.
The notes will come with 10 years of call protection. If the notes are not called, the coupon will step up by 100 basis points.
The issuer is a Mumbai, India-based bank.
| Issuer: | ICICI Bank Ltd
|
| Amount: | $340 million
|
| Issue: | Tier I bonds
|
| Maturity: | Perpetual
|
| Coupon: | 7¼%
|
| Issue price: | 99.324
|
| Yield: | 7.341%
|
| Spread: | Treasuries plus 247 basis points
|
| Call option: | Non-callable for 10 years; callable on Oct. 31, 2016
|
| Step-Up: | If not called, steps up to six-month Libor plus 294 basis points
|
| Pricing Date: | Aug. 17
|
| Settlement Date: | Aug. 24
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BB-
|
| Joint bookrunners: | Merrill Lynch & Co., JP Morgan, Morgan Stanley
|
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