By Reshmi Basu
New York, Jan. 9 - India-based ICICI Bank placed a three-part bond offering worth $2 billion, according to market sources.
The bank sold $500 million of three-year floating-rate senior notes at par to yield three-month Libor plus 54 basis points.
Meanwhile the issuer also priced $750 million of five-year fixed-rate senior notes at 99.786 to yield a spread over Treasuries plus 114.3 bps.
The third tranche included $750 million of 15-year upper-tier 2 subordinated notes, which came at 99.766 to yield 174.8 bps more than Treasuries.
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.
Citigroup, Deutsche Bank Securities and Merrill Lynch & Co. were joint bookrunners for the Rule 144A and Regulation S transaction.
Mumbai, India-based ICICI Bank is the second-largest commercial bank in India.
| Issuer: | ICICI Bank
|
| Issue: | Three-part bond offering
|
| Total amount: | $2 billion
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 12
|
| Joint bookrunners: | Citigroup, Deutsche Bank Securities, Merrill Lynch & Co.
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Issue: | Floating-rate senior notes
|
| Maturity: | Jan. 12, 2010
|
| Coupon: | Three-month Libor plus 54 bps
|
| Issue price: | Par
|
| Spread: | Three-month Libor plus 54 bps
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Issue: | Fixed-rate senior notes
|
| Maturity: | Jan. 12, 2012
|
| Coupon: | 5¾%
|
| Issue price: | 99.786
|
| Yield: | 5.80%
|
| Spread: | Treasuries plus 114.3 bps
|
|
|
| 15-year notes
|
| Amount: | $750 million
|
| Issue: | Upper-tier 2 subordinated notes
|
| Maturity: | April 30, 2022
|
| Coupon: | 6 3/8%
|
| Issue price: | 99.766
|
| Yield: | 6.408%
|
| Spread: | 174.8 bps more than Treasuries
|
| Call option: | Up to April 30, 2017; if not called, coupon steps up to three-month Libor plus 228 bps
|
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