The notes are due in 2019 and have a coupon of 4.8 per cent, and were issued under ICICI’s $5 billion global medium-term note programme. The takedown was done through ICICI’s Dubai branch, with Al Tamimi & Company acting as local counsel.
The deal marked the return of India’s largest private sector bank to the US dollar bond market after almost a year’s absence, and “proved international investors were no longer shunning securities from India,” according to Reuters. The offering received orders of $3.5 billion from 284 accounts.
Latham & Watkins represented Citigroup, Deutsche Bank, Bank of America Merrill Lynch, Barclays, the Hongkong & Shanghai Banking Corporation and Standard Chartered as the lead managers to the issue. Earlier this year the firm also acted for the managers in ICICI’s issue of 225 million Singapore dollars’ worth of 3.65 per cent notes, due in 2020; and 650 million Chinese yen worth of 4 per cent notes, due in 2016.
Counsel to ICICI Bank
Amarchand & Mangaldas & Suresh A Shroff & Co
Partner Niloufer Lam and senior associate Soummo Biswas
Davis Polk & Wardwell
Partners Eugene Gregor and Margaret Tahyar, counsel Ferish Patel, registered foreign lawyer Tae-Hun Kim, tax counsel Alon Gurfinkel and legal assistant Jessica Ling Zhang
Al Tamimi & Company
Counsel to the lead managers
Latham & Watkins
Partner Min Yee Ng and associates Zhu An Lu and Dhiraj Joseph