ICICI Bank, Axis Bank tap dollar debt again in less than two months: Report
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Here are a few details of the issues: * ICICI Bank will issue five-year bonds at a coupon of 5.3520%, payable semi-annually Indian government bonds declined early Friday, reversing some weekly gains. Higher oil prices and global rate fears impacted investor sentiment before a large debt sale. New Delhi plans to raise 320 billion rupees through bond auctions later today. The benchmark Brent crude contract saw a significant price increase since Tuesday. The Reserve Bank of India maintained its repo rate, easing immediate inflation concerns. * Axis Bank will raise these funds through reissue of its 5.3480% June 2031 bonds, which will take the outstanding issuance to $600 million * Both the debt placements will close for subscription next week and will be placed privately * Last month, ICICI Bank raised $1 billion through five-year bonds at a coupon of 5.46%, in what was the largest such issue by an Indian lender in nearly 14 years * In June, Axis Bank had raised $800 million through a dual-tranche debt issuance, which included the primary sale of the five-year papers and $500 million of perpetual notes at a 6.875% annual coupon, payable semi-annually * The notes will be listed on the India International Exchange IFSC and NSE IFSC * The bonds are being issued under the Reserve Bank of India's lower-cost hedging facility that allows eligible external commercial borrowings by banks and state-owned companies to be hedged at a fixed rate of 1.5% per annum, compounded semi-annually, and lowers overall cost of borrowing. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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