ICICI issues price guidance for 3-part bond

Hong Kong, Jan 8: ICICI Bank issued price guidance for itsdollar-denominated, three-tranche debt offering which received strongresponse from investors, a market source said on Monday.

The transaction, expected to raise at least 0 million, hasattracted orders worth over Hong Kong, Jan 8: ICICI Bank issued price guidance for itsdollar-denominated, three-tranche debt offering which received strongresponse from investors, a market source said on Monday.

The transaction, expected to raise at least $300 million, hasattracted orders worth over $2 billion and is likely to price onTuesday during New York trading hours, the source said..

The three-year floating rate notes were seen priced at 55 to 60basis points (bps) over the London Interbank Offered Rate (LIBOR), thefive-year fixed-rate bonds could be priced at 75 to 80 bps overmid-swaps and 15-year upper tier II subordinated bonds, callable in2017, are seen priced at around 132 bps over mid-swaps.

The 15-year bond pricing would have a variance of plus/minus three bps, the source said.

No details on the issue size were available but sources said itwould be a ''benchmark'' deal, which is usually at least $300 millionfor Asian issuers outside Japan.

Investor presentations were held in Singapore, Europe and the United States.

Citigroup , Deutsche Bank and Merrill Lynch are the bookrunners.

Last year, ICICI Bank, India's second-largest lender, raised $890 million in three visits to the offshore debt market.

It sold $340 million in perpetual, hybrid tier I securities inAugust and $400 million in five-year bonds in October, while its U.K.branch raised $150 million in upper tier II perpetual bonds, callablein 10 years, in December.

Reuters billion and is likely to price onTuesday during New York trading hours, the source said..

The three-year floating rate notes were seen priced at 55 to 60basis points (bps) over the London Interbank Offered Rate (LIBOR), thefive-year fixed-rate bonds could be priced at 75 to 80 bps overmid-swaps and 15-year upper tier II subordinated bonds, callable in2017, are seen priced at around 132 bps over mid-swaps.

The 15-year bond pricing would have a variance of plus/minus three bps, the source said.

No details on the issue size were available but sources said itwould be a ''benchmark'' deal, which is usually at least 0 millionfor Asian issuers outside Japan.

Investor presentations were held in Singapore, Europe and the United States.

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 inAugust and 0 million in five-year bonds in October, while its U.K.branch raised 0 million in upper tier II perpetual bonds, callablein 10 years, in December.

Reuters>