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ICICI Bank lowers yld in bond sale: source

Published on Fri, Nov 20, 2009 at 16:43   |  Updated at Fri, Nov 20, 2009 at 16:59  |  Source : Reuters
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ICICI Bank, India's second-biggest lender, has lowered the spread range on its dollar bonds to 337.5-350 basis points (bps) over US Treasuries after strong demand, a source close to the deal said on Friday.

The spread range was lowered from 350 bps above and a market source said the order book was over USD 4 billion.

The bond, due in March 2015, could raise up to USD 750 million and is expected to be priced in New York trading hours on Friday.


The offering is being arranged by BofA Merrill Lynch, Credit Suisse and HSBC.

The deal, which was preceded by a series of investor meetings, is rated BBB-minus by Standard & Poor's and Baa2 by Moody's Investors Service.

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