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Source: The Hindu BusinessLine
ICICI Bank shares slip 0.45% as $750 million bond issue is priced
ICICI Bank shares fell 0.45% as its IFSC Banking Unit priced a $750 million bond issue. The five-year notes carry a fixed coupon of 5.417% under the bank’s global note programme.
The pricing took place early Tuesday through ICICI Bank’s IFSC Banking Unit. The securities were described as senior unsecured notes with a fixed interest rate. The report did not give a specific calendar date for the pricing or provide further details about the transaction’s timing.
The $750 million issue falls under ICICI Bank’s $7.5 billion Global Medium Term Note Programme. Those figures refer to different things: the smaller amount is the size of this bond issue, while the larger amount is the stated size of the programme under which it was priced.
ICICI Bank’s stock recorded a 0.45% decline, but the report did not state the share price or identify the trading exchange. It also did not establish that the bond pricing caused the fall, so the two developments should not be read as a confirmed cause-and-effect relationship.
Beyond the issue size, tenure, coupon and programme details, the report offered no information on investor demand or the planned use of proceeds. It reported the pricing of the notes, without stating whether settlement had been completed.
