ICICI, the country''s second-biggest lender, will raise $1.5 billion of yen-denominated
loan the biggest offshore loan for an Indian financial sector borrower
sources familiar with the deal said.
loan will be raised in three different maturity types - one year, three-year and
five-year loans - of equal sizes with the five-year portion being the longest
maturing loan to be issued by ICICI, sources added.
364-day tranche will pay 15 basis points (bps) over the one-year London Interbank
Offered Rate (Libor), the three-year tranche will pay 38 bps over Libor, the five-year
tranche will pay 55 bps over Libor.
debt issue comes at a time when lending by Indian banks are growing at an annual
pace of 29 per cent while deposit growth in these banks is a more modest 20 per
is currently Asia''s biggest issuer of offshore bonds outside of Japan and is trying
to feed fast-growing loan market amidst sluggish deposits growth.
consortium comprising Bayern LB, BNP Paribas, Calyon, Commerzbank, Goldman Sachs,
HSBC, Intesa Sanpaolo, Natixis, Standard Chartered Bank and Sumitomo Mitsui Banking
Corp is arranging the issue, sources familira with the development said.
Bank plans to complete the loan syndication by the first week of September. The
bank''s offshore senior debt is rated BBB-minus by Standard & Poor''s Ratings
Bank jointly with IBM Corp and World Bank''s private lending arm IFC will offer
small and medium-enterprises in the country with an innovative online resource
center - SME Toolkit - to help them start up, finance and grow their business.
ICICI Bank executive
director V Vaidyanathan along with IBM India / South Asia managing director Shanker
Annaswamy and IFC advisory services general manager for South Asia Anil Sinha
launched a a free online resource centre at a press conference in Mumbai.
The SME Toolkit (www.india.smetoolkit.org) contains up-to-date information
and tools to enable small and medium enterprises in emerging markets learn how
their productivity, efficiency and capacity, as well as improve their access to
capital and new markets. The India toolkit is available both as online as well
as offline modules which includes the portal, offline CDs, mobile alerts and classroom
training. The online module is available in both English and Hindi.