India's ICICI Bank to market dollar-denominated three-tranche note offering

By Paul A. Harris

St. Louis, Jan. 4 - India-based ICICI Bank will hold simultaneous Jan. 5-8 roadshows in Asia, Europe and the United States for a benchmark-sized dollar-denominated three-tranche note offering, according to a market source.

The deal is comprised of a tranche of three-year floating-rate senior notes (expected ratings Baa2/BB+), a tranche of five-year fixed-rate senior notes (expected ratings Baa2/BB+) and a tranche of 15-year upper-tier 2 subordinated notes with 10 years of call protection and a 100 basis point coupon step-up if they are not called before April 2017.

Tranche sizes remain to be determined.

Pricing is expected to follow the conclusion of the roadshows.

Citigroup, Deutsche Bank Securities and Merrill Lynch & Co. are joint bookrunners for the notes, which are being marketed via Rule 144A and Regulation S.

The expected ratings on both of the senior note tranches are Baa2 from Moody's Investors Service and BB+ from Standard & Poor's. Ratings on the subordinated note tranche remain to be determined.

Mumbai, India-based ICICI Bank is the second largest commercial bank in India.

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