By Reshmi Basu
New York, Oct. 17 - India's Icici Bank Ltd. placed an upsized offering of $400 million of five-year senior bonds (Baa2/BB+/BBB-) at 99.739 to yield a spread of 120.6 basis points more than Treasuries, according to a market source.
Deutsche Bank and Merrill Lynch managed the Regulation S sale, which was launched under the issuer's euro medium-term note program.
Meanwhile, the deal, which was increased from $300 million, was more than three times oversubscribed.
Last August, Icici Bank sold $340 million of perpetual tier 1 bonds at 99.324 to yield Treasuries plus 247 bps.
The issuer is a Mumbai India-based bank.
Issuer: Icici Bank Ltd.
Amount: $400 million
Issue: Senior bonds
Maturity: Oct. 20, 2011
Coupon: 5 7/8%
Issue price: 99.739
Spread: 120.6 basis points more than Treasuries
Pricing date: Oct. 17
Settlement date: Oct. 20
Lead managers: Deutsche Bank, Merrill Lynch
Ratings: Moody's: Baa2
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
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