ICICI Bank Issues $750M Senior Notes Under GMTN Program
By Business Desk
ICICI Bank’s IFSC Banking Unit successfully issued USD 750 million in Senior Unsecured Fixed Rate Notes, enhancing its Global Medium Term Note Programme.
ICICI Bank’s IFSC Banking Unit successfully issued USD 750 million Senior Unsecured Fixed Rate Notes. This move operates under the bank’s broader USD 7.5 billion Global Medium Term Note Programme.
Key Issuance Details
The issuance involved USD 750 million in Senior Unsecured Fixed Rate Notes. These notes form a part of the bank’s existing USD 7.5 billion Global Medium Term Note Programme.
This Global Medium Term Note Programme serves as an overarching framework for financial institutions like ICICI Bank. It provides flexibility for raising capital through various debt instruments over time.
Credit Ratings Explained
The newly issued notes underwent assessment by leading credit rating agencies. Such ratings offer an independent evaluation of the notes’ creditworthiness and the issuer’s financial standing.
S&P Global Ratings: BBB
Moody’s Ratings: Baa3
Global Market Accessibility
Listing these notes on multiple international exchanges enhances their accessibility and liquidity for a diverse investor base. This broad market presence supports efficient trading and price discovery.
The notes are slated for listing on three distinct platforms.
Global Securities Market: India International Exchange IFSC
Debt Securities Market: NSE IFSC
SGX-ST: Singapore Exchange Securities Trading Limited
The strategic listing across these diverse platforms underscores ICICI Bank’s intent to broaden its investor base. It also aims to integrate these notes further into global financial markets.