HONG KONG: ICICI Bank, India's biggest private sector lender, reopened its September 2015 offshore yuan bond, raising 500 million yuan ($80 million), with the order book exceeding 1.9 billion yuan, according to a term sheet seen by Reuters on Thursday.
The bank sold a 500 million yuan three-year dim sum bond through its Singapore branch earlier with a coupon of 4.9 percent. The re-opening sale brings the total issue size to 1 billion yuan.
The re-opening, with a re-offer yield of 4.66 percent, was well received among investors, with books in excess of 1.9 billion yuan from over 70 accounts, the term sheet showed.
Hong Kong and Singapore investors took up 56 percent and 31 percent respectively, followed by Taiwan (5 percent) and Europe (8 percent).
Fund managers took 71 percent of the offering, while private banks and banks accounted for 12 percent and 11 percent each.
The senior unsecured bond is expected to be rated Baa2/BBB- (Moody's/S&P).
HSBC and Standard Chartered Bank are the arrangers.
The offshore yuan bond market has benefited from recent improved risk appetite and capital inflows. Last week, French automaker Renault S.A. also re-opened its October 2014 offshore yuan bond, raising another 500 million yuan.
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