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ICICI Bank raises $1 billion through international bond offering

20 May 2011 Evaluate

ICICI Bank through its Dubai branch has successfully priced an issuance of 5.5 year fixed rate notes in aggregate principal amount of $1billion. The offering had an order book of $2.70 billion with strong interest from over 220 investors.

The 5.5 year fixed rate notes, which carry a coupon of 4.75%, were offered at an issue price of 99.66%, which translates to a spread of approximately 251.5 basis points over equivalent LIBOR.

The bank’s net profit for the quarter ended March 31, 2011 has surged by 44.40% at Rs 1452.11 crore as compared to Rs 1005.57 crore for the quarter ended March 31, 2010. Its total income has increased by 13.98% at Rs 8797.12 crore for the quarter under review from Rs 7717.82 crore for the corresponding quarter of the previous year.

Peers
Company Name CMP
HDFC Bank 719.35
ICICI Bank 1305.50
Axis Bank 1214.00
Kotak Mahindra Bank 419.80
Indusind Bank 880.00
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