A month after country's largest lender, State Bank of India mopped up USD 750-million abroad, its nearest competitor ICICI Bank today said it has raised USD 750-million through a five-year bond issue at its Bahrain branch.
The issue had an order book of over USD 3-billion and was participated by over 250 investors, an ICICI Bank press release said here. The notes were sold under the Rule 144A/Reg S format.
The bonds, which have a maturity of 5.33 year, carry a coupon rate of 5.5 per cent, which translates to 292.6 basis points spread over equivalent London interbank offered rate, the bank said.
Despite a fall in the total income, ICICI Bank had reported a 2.5 per cent rise in its net profits for the quarter ended September 30 at Rs 1,040.13 crore, against Rs 1,014.21 crore in the same period last year.
The issue came shortly after State Bank of India raised USD 750-million through the issue of five year bonds through its London branch.
State Bank raised the amount through the issue of fixed rate senior notes having a maturity of 5 years and a coupon rate of 4.5 per cent under its Medium Term Notes programme.
The lender has a headroom to raise Rs 28,000-crore from bond issuance to meet regulatory capital requirement to fund its business expansion plans in the current fiscal.
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