ICICI Bank Raises $1 Billion Through Largest Single-Tranche Dollar Issue This Year

ICICI Bank has made its largest single-tranche dollar issue of the year, raising $1 billion through a five-year senior unsecured US dollar bond. This marks the bank's first public dollar bond issuance since 2017 and highlights robust investor confidence in India's banking sector.

The deal was priced at 100 basis points over the five-year US Treasury yield with a 5.46 per cent coupon, making it the largest single-tranche US dollar bond issuance by an Indian issuer so far this year.

The issue attracted orders exceeding $2.3 billion, or 2.3 times oversubscribed, reflecting strong confidence in ICICI Bank's credit profile and India's macroeconomic environment.