ICICI Bank's GBP 350 mn Intl Bond offering

Mumbai, May 12: ICICI Bank, acting through its Bahrain branch, has priced its 3-year fixed rate notes of GBP 350 million at a spread of 83 basis points over UK Gilts and the notes will settle on May 18.

The issue marks the inaugural deal in the sterling market from an Indian issuer and also the largest deal in the sterling market from Asia.

The deal generated good investor response resulting in the deal being upsized to GBP 350 million. The offering had a GBP 460 million order book with a total of 32 investors, an ICICI Bank press release said here today.

From a geographical breakdown perspective, there was 95 per cent participation from UK and balance from rest of the Europe. From an investor breakdown perspective, 80 per cent of the securities were sold to fund managers, 17 per cent to insurance agencies, and 3 pc to banks and pension funds. The offering was lead managed by BNP Paribas, Citigroup, Deutsche Bank AG and Hong Kong and Shanghai Banking Corporation.

UNI