ICICI Bank raises $106 m in Chinese bond market

Our Bureau Updated - March 12, 2018 at 04:38 PM.

This is the third issue by ICICI Bank and makes it the second domestic lender to sell bonds to offshore Chinese investors after IDBI Bank’s issue earlier on.

India’s largest private sector lender, ICICI Bank, on Tuesday raised Chinese Yuan (Renminbi) 650 million ($106 million) via bonds of three years maturity.

The coupon rate on these bonds, which will be listed on the Singapore exchange, is 4 per cent. The funds have been raised under the bank’s $5 billion Medium Term Note (MTN) programme.

ICICI Bank is the second domestic lender to sell bonds to offshore Chinese investors. Earlier, IDBI Bank had tapped this fund-raising route. Rating agency S&P has given a ‘BBB-’ rating to the senior unsecured renminbi notes.

Axis Bank to raise $20 m

The third largest private sector lender, Axis Bank, on Tuesday also received board approval to allot Senior Notes aggregating $20 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch.

The board of directors of the bank on June 18 passed a resolution approving the allotment, the bank informed the Bombay Stock Exchange.

beena.parmar@thehindu.co.in

Published on June 18, 2013 11:04