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ICICI Bank raises 100-mn Swiss francs

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BS Reporter Mumbai

ICICI Bank has raised foreign exchange resources worth Swiss francs 100 million (over $100 million) through seven year bond. The bond is priced at a coupon and re-offer yield of 2.75 per cent.

This was the first offering by ICICI Bank in Swiss currency. Deutsche Bank was the sole banker to the issue.

David Greenbaum, head, debt capital markets, Deutsche Bank (South Asia), said a combination of stable market conditions, lack of recent emerging markets issues in Swiss francs, and reverse inquiries from several key investors supported this opportunistic issue.

As the first-ever seven-year transaction from an Indian borrower in Swiss francs, with previous issues in five-years, this further develops the yield curve for Indian borrowers in an important and growing market.

 

Sunil Agarwal, head, Institutional Client Group, Deutsche Bank India, in statement said ICICI Bank has demonstrated an interest to diversify investors’ and enter new markets when the pricing is attractive.

Despite the December date, when many banks believed the market was closed for 2012, Deutsche was confident that the Swiss franc market would support ICICI.

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First Published: Dec 12 2012 | 12:17 AM IST

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