ICICI Bank, the country’s largest private sector bank, yesterday sold $1 billion of 5.75 per cent, 10-year bonds overseas, taking advantage of lower interest rates in the US compared to the local market, where rates have been rising.
This is the third $1-billion bond sale by an Indian company in 2010. State Bank of India (SBI) in July raised $1 billion in five-year overseas bonds and Reliance Industries in October sold $1 billion of 10-year bonds. With about $7.45 billion raised from bond sales, 2010 overtakes $6.84-billion bond sales in 2007 in dollar terms. In terms of all currencies, the $7.96 billion raised in 2007 is still higher than the $7.45 billion raised so far this year.
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