ICICI Bank raises 600 million yuan in Chinas debt market: Private sector lender ICICI Bank today raised 600 million yuans from the Chinese debt market (Dim Sum bonds) or a little over US $95 million, at a coupon of 4%, merchant banking sources said here this evening. This is the fourth time that the city-based lender has tapped the Dim sum bond market and has so far raised 2,050 million yuans. According to merchant bankers, the three-year money has been raised by ICICIs Bahrain branch and will be listed on the Singapore Stock Exchange. The issue is part of the banks US $7.5 billion medium term note programme. Dim sum bonds are denominated in the Chinese currency and are issued in the Hong Kong market, and therefore resident Chinese investors cannot subscribe to these instruments. When contacted an ICICI bank spokesman refused to comment. It can be noted that the Chanda Kochhar-led bank first tapped the Chinese debt market in 2012 and raised 1,000 million yuans in two tranches. The bank again went to this market last year last year and raised 650 million yuans. The current issuance was arranged by StanChart and Mitsubishi UFG. Meanwhile, the international rating agency Moodys in a note from Singapore, said it has assigned Baa2 to these senior unsecured notes. Assigning the Baa2 rating Moodys said the rating is anchored on the banks Baa3 baseline credit assessment and the high likelihood of systemic support in the event of a crisis. It further said the Baa2 rating is at the same level as the foreign currency debt ceiling for India. The banks foreign currency deposit ratings of Baa3/P-3 are constrained by the sovereign ceiling. ReportMoneyPTIMumbaiChanda KochharICICI BankHong KongBahrainMitsubishiSingapore Stock ExchangeChina bond marketThursday, 13 November 2014 - 10:19pm RNA Research & Archivesdnai.in/crVf40 dnaindia/money/report-icici-bank-raises-600-million-yuan-in-china-s-debt-market-2034943
Posted on: Thu, 13 Nov 2014 17:22:27 +0000
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