ICICI Bank is looking to raise $545 million through US commercial paper, which will have a maximum tenor of 360 days. The proceeds from the proposed USCP programme shall be used for general corporate purposes. The bank will issue the papers through its overseas branches in Hong Kong, Bahrain, and New York.
The programme is supported by a $545 million irrevocable direct-pay letter of credit issued by Bank of America N.A. Rating agency Standard & Poor's has assigned ‘A-1' short-term issue rating to the proposed issue. As the USCP holders will be paid directly by BofA on the maturity dates, the notes bear the credit risk of BofA. The 'A-1' rating on this program is therefore equivalent to the short-term counterparty credit rating on BofA.
Company Name | CMP |
---|---|
HDFC Bank | 1438.85 |
ICICI Bank | 1124.60 |
Axis Bank | 1126.85 |
Indusind Bank | 1418.85 |
Kotak Mahindra Bank | 1649.00 |
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