ICICI Bank prices $1 billion debt at tighter spread

The bank set the ​coupon at 100 basis points over U.S. Treasuries, sharply ⁠lower the initial guidance of 130 basis points, for its first dollar debt sale in nearly nine years. The coupon works out to be ‌5.46%.

ICICI Bank successfully issued a five-year dollar bond worth $1 billion, achieving a notably tighter spread. This offering stands as the largest for an Indian bank in almost fourteen years. With a coupon set at 100 basis points above U.S. Treasuries, it surpassed initial…