ICICI taps pent-up US demand with $1 billion bond

Indian private-sector lender ICICI Bank took advantage of robust US demand early Friday morning to raise $1 billion from a five-and-a-half-year senior bond.

A number of Indian lenders have tapped the dollar market this year, including Syndicate Bank and Indian Overseas Bank, but ICICI is the first to tap professional investors in the US. The extra effort clearly paid off, as the bank upsized its offer from the expected $750 million on the back of strong US demand.

The deal priced at Treasuries plus 295bp, compared to initial guidance in the area of Treasuries plus 300bp. Citi, Deutsche Bank, HSBC and Royal Bank of Scotland were...