ICICI Bank Tops Dollar Debt Fundraising with $2.05 Billion Raise

ICICI Bank, India's second-largest private lender by assets, has raised $2.05 billion in dollar debt through various fundraising efforts since June. The bank accepted bids worth $750 million for a new five-year U.S. dollar bond at a spread of 105 basis points over U.S. Treasuries, which is lower than the initial guidance.

The latest deal takes ICICI Bank's total raised to $2.05 billion, making it the top lender in terms of dollar debt fundraising since the Reserve Bank of India announced a concessional swap window for foreign-currency deposits in early June.

Market intelligence firm CreditSights had expected the final spread at 100-105 basis points, but put fair value at 90 basis points. The bank is also in talks with foreign lenders for a dollar loan worth $1.45 billion.