ICICI issues price guidance for 3-part bond-source

HONG KONG, Jan 8 (Reuters) ICICI Bank issued price guidance for its dollar-denominated, three-tranche debt offering which received strong response from investors, a market source said on Monday.

The transaction, expected to raise at least 0 million, has attracted orders worth over HONG KONG, Jan 8 (Reuters) ICICI Bank issued price guidance for its dollar-denominated, three-tranche debt offering which received strong response from investors, a market source said on Monday.

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

The three-year floating rate notes were seen priced at 55 to 60 basis points (bps) over the London Interbank Offered Rate (LIBOR), the five-year fixed-rate bonds could be priced at 75 to 80 bps over mid-swaps and 15-year upper tier II subordinated bonds, callable in 2017, 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 it would be a ''benchmark'' deal, which is usually at least $300 million for 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 in August and $400 million in five-year bonds in October, while its U.K. branch raised $150 million in upper tier II perpetual bonds, callable in 10 years, in December.

REUTERS DKS PM0605 billion and is likely to price on Tuesday during New York trading hours, the source said..

The three-year floating rate notes were seen priced at 55 to 60 basis points (bps) over the London Interbank Offered Rate (LIBOR), the five-year fixed-rate bonds could be priced at 75 to 80 bps over mid-swaps and 15-year upper tier II subordinated bonds, callable in 2017, 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 it would be a ''benchmark'' deal, which is usually at least 0 million for 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 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 DKS PM0605