The pricing of a bond issue by ICICI Bank, India's second largest private bank, has acted as a declaration that the two-month lull in the Asia primary bond markets is finally over.
ICICI sold $500 million of senior unsecured Baa2BBB-rated bonds early Friday morning. The 144AReg-S issue printed with a five-and-a-half year maturity and 5% coupon. The notes priced at par, with a 5% yield which was equivalent to a spread of 320bp over the US Treasury yield.
The deal had been formally announced on Thursday afternoon and, within three hours, initial guidance had been posted. Guidance was set at around Treasuries plus 320bp. At the time...
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