India's ICICI Bank sets talk for dollar-denominated three-tranche note offering

By Reshmi Basu

New York, Jan. 8 - India's ICICI Bank set price guidance for a three-part offering of dollar-denominated bonds, according to market sources.

Price guidance for the tranche of three-year floating-rate senior notes (expected ratings Baa2/BB+) was set at Libor plus 55 to 60 basis points.

Meanwhile a tranche of five-year fixed-rate senior notes (expected ratings Baa2/BB+) was talked at 75 to 80 bps over mid-swaps.

And guidance for the tranche of 15-year upper-tier 2 subordinated notes was set in the area of 130 bps over mid-swaps.

The latter tranche will bear 10 years of call protection. Additionally, if the notes are not called before April 2017, the coupon will step up by 100 bps.

Tranche sizes are yet to be determined, but the size of the issue is expected to be around $300 million.

Pricing is expected to take place Tuesday.

Citigroup, Deutsche Bank Securities and Merrill Lynch & Co. are joint bookrunners for the Rule 144A and Regulation S transaction.

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

© 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.