By Paul A. Harris
St. Louis, Dec. 5 - ICICI Bank UK plc, a unit of Mumbai, India-based ICICI Bank Ltd., has priced a $150 million issue of 6 3/8% perpetual bonds (expected Baa3) at mid-swaps plus 152 basis points, according to an informed source.
The price came 2 bps beyond the wide end of the mid-swaps plus 145 to 150 bps guidance.
Barclays Capital led the Regulation S deal.
The notes will be callable for 10 years. If they are not called, the coupon will step up to six-month Libor plus 252 bps.
| Issuer: | ICICI Bank UK plc
|
| Amount: | $150 million
|
| Maturity: | Perpetual
|
| Security description: | Upper tier 2 perpetual bonds
|
| Bookrunner: | Barclays Capital
|
| Coupon: | 6 3/8%
|
| Spread to mid-swaps: | 152 bps
|
| Dollar price: | 99.657
|
| Spread to Treasuries: | 198 bps
|
| Call date: | Dec. 12, 2016
|
| Step-up: | Six-month Libor plus 252 bps if not called
|
| Hedge ratio: | 0.905
|
| Settlement date: | Dec. 12
|
| Rating: | Moody's: Baa3 (expected)
|
| Listing: | Singapore Stock Exchange
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 145-150 bps
|
© 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.
