ICICI Bank to raise at least $500 mn

The bond issue is under its updated $ 7.5 bn GMTN program

Private sector lender ICICI Bank is set to raise benchmark size dollar bonds through its Dubai branch. A benchmark size typically means at least $ 500 million. Standard & Poor's assigned 'BBB-' long-term issue rating to the proposed issue of dollar-denominated senior unsecured notes.

Moody's Investors Service on the other hand assigned a 'Baa2' rating. The bond issue is under its updated $ 7.5 billion Global Medium Term Note (GMTN) program. The bonds have maturity of 5.5 years and will be listed on the Singapore Stock Exchange. The book runners are Bank of America Merrill Lynch, HSBC, Citigroup and Deutsche Bank.

It is a Reg S bond issue which means the bonds are offered to non-US residents and qualified institutional buyers under an exception to US securities laws enacted in 1990, and do not enjoy the same legal protection as other issues.