ICICI Bank raises $500 mn via bonds issue

The country's largest private sector lender ICICI Bank on Friday said it has raised $500 million through an issue of bonds in the international market.

The bank has priced the five-and-a-half year bonds at 275 basis points over five-year US treasuries, ICICI Bank said in a filing to the Bombay Stock Exchange.

ICICI Bank sold the bonds through its Hong Kong branch.

Earlier this week, rating agency Moody's had assigned a Baa2 rating to the dollar-denominated bonds, issued by the bank through its Hong Kong branch.

"The rating reflects the bank's comfortable liquidity position, strong capitalisation levels, as well as its satisfactory recurring profitability driven by robust fee income," Moody's had said.