India's ICICI Bank lowers yld in bond sale -source
Published: 20 Nov 2009 01:27:54 PSTHONG KONG, Nov 19 - ICICI Bank <ICBK.BO>, India's second-biggest lender, has lowered the spread range on its dollar bonds to 337.5-350 basis points (bps) over U.S. Treasuries after strong demand, a source close to the deal said on Friday.
The spread range was lowered from 350 bps above and a market source said the order book was over $4 billion.
The bond, due in March 2015, could raise up to $750 million and is expected to be priced in New York trading hours on Friday.
The offering is being arranged by BofA Merrill Lynch <BAC.N>, Credit Suisse <CSGN.VX> and HSBC <HSBA.L> <0005.HK>.
The deal, which was preceded by a series of investor meetings, is rated BBB-minus by Standard & Poor's and Baa2 by Moody's Investors Service.
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