ICICI Bank raises $750-M via bonds

ICICI Bank has raised USD 750 million through the sale of five-year bonds. The transaction was priced at 105 basis points above the five-year US treasury yield. Standard Chartered, HSBC, Bank of America, MUFG, and Citibank acted as the bankers to the issuance.The bonds are expected to carry a coupon of approximately 5.42%, based on a five-year US treasury yield of about 4.37%. The bank plans to use the proceeds to bolster its dollar funds to support foreign currency deposit schemes under a special Reserve Bank of India dispensation.