ICICI Bank prices USD 1 billion Senior Unsecured Notes, Moody's assigns Baa3 rating
ICICI Bank priced USD 1 billion Senior Unsecured Fixed Rate Notes under its USD 7.5 billion GMTN Programme. Moody's assigned a 'Baa3' and S&P a 'BBB' rating. The notes mature on August 27, 2031, with a 5.410% coupon, and proceeds will be used for general corporate purposes.
The issuance of USD 1 billion in debt will bolster the bank's capital base and support its growth initiatives, which is a significant but routine event for a bank of this size.
The successful pricing of USD 1 billion in notes and the positive credit ratings from Moody's and S&P indicate strong market confidence and financial health.
ICICI Bank Limited, through its IFSC Banking Unit, has successfully priced USD 1 billion in Senior Unsecured Fixed Rate Notes. This issuance is part of the Bank's USD 7.5 billion Global Medium Term Note Programme. The notes were priced today at 10:45 a.m. IST.
Moody's Ratings and S&P Global Ratings have respectively assigned 'Baa3' and 'BBB' ratings to these Notes. The Notes are USD denominated and carry a fixed interest rate of 5.410% per annum, payable semi-annually on February 27 and August 27 each year. The tenor of the instrument is 5 years, with an allotment date of August 27, 2026, and a maturity date of August 27, 2031.
The net proceeds from this issuance will be utilized by the Bank for its general corporate purposes, in line with relevant regulatory guidelines. The Notes are proposed to be listed on the Global Securities Market of India International Exchange IFSC Limited, the Debt Securities Market of NSE IFSC Limited, and SGX-ST.
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ICICI Bank Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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