ICICI Bank has issued foreign currency notes with a face value of $1 billion or about Rs 4,500 crore. This has been sold through the bank’s Dubai branch. The five and a half year tenure bonds will carry a coupon rate of 4.75%. They were issued at a price of 99.665% of the face value, which translates to a spread of 251.5 basis points over the London Inter-bank Offered Rate (Libor).
ICICI Bank
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ICICI Bank’s loan provisions halve, net profit up by 31%
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ICICI Bank’s December quarter results were better than expectations, and it appeared to be benefiting from a phase, when rising interest rates result in better yields on loans, as the cost of funds rises with a lag. It has also managed to improve its asset quality during the quarter, which is a positive sign.
Filed under: Banks, Companies, Top News, December 2010 results, ICICI Bank
ICICI Bank raises $750mn through overseas bond offering
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ICICI Bank has raised funds from its Bahrain branch, picking up about $750mn or about Rs 3,490 crore through a fixed rate note issue. The notes will carry a fixed rate of 5.5% which is 293 basis points over the London Inter-Bank Offered Rate (Libor). According to the bank, the issue got a good acceptance with bids of over $3bn. The bank has not mentioned any specific reason for raising these funds.