ICICI Bank mops up $500 million in overseas bond sale

The largest private sector lender ICICI Bank has sold a benchmark bond issue at a coupon of 3.833 per cent to overseas investors.

The USD 500-million ten-year dollar money was issued through the Dubai branch of ICICI Bank, an official at Citigroup India, which was the sole advisor to the deal, told PTI today.

The bank has initially given a price guidance of 170 bps over the US treasury for the 144 A RegS issue, which is part of the bank's medium-term notes programme.

Due to high demand, the pricing came down by 20 bps to 150 bps over the US treasury offering a yield of 3.833 per cent to the investor, the i-banker said.