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(Bloomberg) — ICICI Bank Ltd., India’s second-largest private-sector lender, is in talks to raise at least $500 million in offshore bonds as it seeks to capitalize on a recent Reserve Bank of India concession for overseas borrowings, according to people familiar with the matter.
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The lender is preparing to raise the overseas funds in coming weeks under the so-called Global Medium-Term Note program, a dedicated debt issuance route, said the people who asked not to be identified because discussions are private.
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The proposed transaction would mark ICICI Bank’s first benchmark-sized US dollar bond sale under the facility since it raised $500 million in 2017, according to data compiled by Bloomberg. The lender is talking to a group of global banks, who are arranging the proposed deal, said the people.
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ICICI Bank did not reply to Bloomberg’s email seeking comment.
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The planned offering follows the RBI’s announcement last month of a concessional foreign-exchange swap facility for eligible overseas borrowings, part of the central bank’s efforts to attract global capital and support the rupee.
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Several lenders have lined up plans to raise foreign funds, with HDFC Bank garnering funds worth $750 million last month through a debt sale. Axis Bank, State Bank of India and Power Finance Corp have also accessed the international market, according to data compiled by Bloomberg.
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The RBI’s steps have helped to arrest the sharp decline in the rupee that was triggered by the energy shock from the US-Iran war. The currency has gained nearly 2% since hitting a record low of almost 97 to a dollar in late May.
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—With assistance from Divya Patil.
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English (US)