ICICI bank said to plan sale of bonds in US dollars
Friday, 9 July 2010
HONG KONG, July 8 (Bloomberg): ICICI Bank Ltd, India's second- largest lender, plans to sell 5 ½-year bonds denominated in US dollars as soon as today, according to a person familiar with the matter.
Bank of America Corp, Deutsche Bank AG and HSBC Holdings Plc are managing the benchmark sale, said the person, who declined to be identified because details are private. Benchmark typically means at least $500 million.
ICICI spokesman Charudatta Deshpande declined to comment.
The extra yield investors demand to hold ICICI's 5.5 per cent bonds due 2015 rather than US government bonds rose 11 basis points to 308 basis points, the widest since June 30, according to BNP Paribas SA. The notes fell to 103.007 cents on the dollar from 103.545 as of 3:10 pm in Hong Kong. A basis point is 0.01 per centage points.
Moody's Investors Service ranks ICICI's debt at Baa2, its second-lowest investment-grade rating.
Bank of America Corp, Deutsche Bank AG and HSBC Holdings Plc are managing the benchmark sale, said the person, who declined to be identified because details are private. Benchmark typically means at least $500 million.
ICICI spokesman Charudatta Deshpande declined to comment.
The extra yield investors demand to hold ICICI's 5.5 per cent bonds due 2015 rather than US government bonds rose 11 basis points to 308 basis points, the widest since June 30, according to BNP Paribas SA. The notes fell to 103.007 cents on the dollar from 103.545 as of 3:10 pm in Hong Kong. A basis point is 0.01 per centage points.
Moody's Investors Service ranks ICICI's debt at Baa2, its second-lowest investment-grade rating.