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ICICI to sell 2-year euro FRN: Source

Written by: Staff
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Hong Kong, Mar 23: ICICI Bank is selling two-year, euro-denominated floating rate notes (FRN) in a benchmark sized deal which is likely to price in London trading hours, a source close to the deal said on Friday.

The guidance on the FRN has been set at 40 to 42 basis points above Euribor, the source said.

Citigroup, BNP Paribas, Deutsche Bank and HSBC are handling the issue.

Earlier this month the bank held investor presentations in Edinburgh, Glasgow and London.

The source said investor response was ''very good'' and pricing was likely ''in the next 2-3 hours''.

ICICI Bank has already raised

Hong Kong, Mar 23: ICICI Bank is selling two-year, euro-denominated floating rate notes (FRN) in a benchmark sized deal which is likely to price in London trading hours, a source close to the deal said on Friday.

The guidance on the FRN has been set at 40 to 42 basis points above Euribor, the source said.

Citigroup, BNP Paribas, Deutsche Bank and HSBC are handling the issue.

Earlier this month the bank held investor presentations in Edinburgh, Glasgow and London.

The source said investor response was ''very good'' and pricing was likely ''in the next 2-3 hours''.

ICICI Bank has already raised $2.5 billion by selling offshore bonds this year in a market hot for Indian bank debt.

This year, global investors have also bought bonds from State Bank of India and UTI Bank as they want exposure to an economy expanding at an annual pace of more than 9 percent.

Indian banks are keen on raising funds overseas as their lending grows at an annual pace of 29 percent, but deposits are growing at a more modest 20 percent.

REUTERS

.5 billion by selling offshore bonds this year in a market hot for Indian bank debt.

This year, global investors have also bought bonds from State Bank of India and UTI Bank as they want exposure to an economy expanding at an annual pace of more than 9 percent.

Indian banks are keen on raising funds overseas as their lending grows at an annual pace of 29 percent, but deposits are growing at a more modest 20 percent.

REUTERS

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