Global rating agency Standard & Poor's (S&P) today assigned its 'BBB-', indicating investment grade to proposed overseas bond issuance programme of ICICI Bank.
The bank proposes to issue bonds of unspecified amount under existing $5 billion medium-term notes programme.
The notes will have a tenor of 5.5 years and will be issued through the bank's Dubai branch, S&P said in a statement.
The proceeds from the issue will be used to fund the bank's international operations and for general corporate purposes, subject to regulatory approval.
The senior notes constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank, and shall at all times similar to all other unsecured obligations, it said.
