ICICI Bank raises $1 billion in 4.5 per cent medium term bonds

ICICI Bank, India's largest private sector lender, has raised $1 billion (about Rs4,500 crore) through an issue of medium term bonds in overseas markets. The 5-1/2-year bonds carry a coupon of 4.75 per cent, ICICI Bank said in a statement.

ICICI Bank's Dubai office offered the bonds at an issue price of 99.665 per cent, the release said.

The issue received oversubscription to the tune of $2.70 billion or approximately Rs12,100 crore, with 220 investors showing interest for subscriptions, the release said.

The issue, which has a coupon rate of approximately 2.51 percentage points over equivalent Libor, is a part of ICICI Bank's $5 billion medium-term note programme.

ICICI Bank Limited had consolidated total assets of over $119 billion as of 31 March 2011. Besides, ICICI Bank operates subsidiaries in insurance, broking, mutual funds and private equity. ICICI Bank is present in across 18 international locations.

Moody's Investor Service has assigned a provisional (P)Baa2 rating to ICICI Bank's senior unsecured fixed-rate bonds issued through its Dubai branch, under its $5 billion MTN programme.