ICICI launches roadshows for 3-part bond deal

Hong Kong, Jan 5: ICICI Bank, aiming to become the first Asian issuer to price an offshore bond this year, has received strong demand for its dollar-denominated, three-tranche debt offering, a market source said on Friday.

Marketing of the deal began on Friday and the bonds are expected to be priced by next Tuesday, the source said.

Price guidance for the transaction, which comprises three-year floating rate notes, five-year fixed-rate bonds and 15-year upper tier II subordinated bonds, callable in 2017, is likely to be announced during New York trading hours on Friday or early Asian time on Monday.

No details on the issue size were available but sources said it would be a ''benchmark'' deal, which is usually at least 0 million.

Investor presentations are scheduled in Singapore, Europe and the United States from Jan. 5 to 8.

Citigroup, Deutsche Bank and Merrill Lynch are the bookrunners.

Last year, ICICI Bank, India's second-largest lender, raised 0 million in three visits to the offshore debt market.

It sold 0 million in perpetual, hybrid tier I securities in August and 0 million in five-year bonds in October, while its U.K. branch raised 0 million in upper tier II perpetual bonds, callable in 10 years, in December.

REUTERS