ICICI Bank is slated to enter the market with its first bond issue on January 6, 2003 to raise Rs 800 crore.
The core issue size is Rs 400 crore and it carries a greenshoe option of an equivalent amount. This is the first instance of a commercial bank entering the market with a retail issue of bonds which is not part of its subordinated debt.
The only other financial intermediary in the market which has been mopping up money through the retail bond issue is the Industrial Development Bank of India (IDBI). IFCI, another financial institution, has stopped raised money through the bond route.
ICICI Bank is offering up to 140 basis points lower interest rates as against IDBI
