ICICI Bank priced $1 billion of 5-year senior unsecured notes. These notes carry a fixed coupon of 5.459%.
The issuance forms part of the bank's existing $7.5 billion Global Medium Term Note (GMTN) program. The bank conducted it through its IFSC Banking Unit.
This represents the largest overseas bond sale by an Indian private sector bank. It is also the bank's first dollar bond issuance since 2017.
The notes have an allotment date of July 30, 2026. Their maturity date is July 30, 2031. The bank will pay interest semi-annually.
The bank will use the net proceeds for general corporate purposes. This aligns with regulatory guidelines. The bank expects to list the notes on the India International Exchange, NSE IFSC's debt market, and the Singapore Exchange (SGX-ST).