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India’s largest private sector lender, ICICI Bank, on Tuesday raised Chinese Yuan (Renminbi) 650 million ($106 million) via bonds of three years maturity.
The coupon rate on these bonds, which will be listed on the Singapore exchange, is 4 per cent. The funds have been raised under the bank’s $5 billion Medium Term Note (MTN) programme.
ICICI Bank is the second domestic lender to sell bonds to offshore Chinese investors. Earlier, IDBI Bank had tapped this fund-raising route. Rating agency S&P has given a ‘BBB-’ rating to the senior unsecured renminbi notes.
Axis Bank to raise $20 m
The third largest private sector lender, Axis Bank, on Tuesday also received board approval to allot Senior Notes aggregating $20 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch.
The board of directors of the bank on June 18 passed a resolution approving the allotment, the bank informed the Bombay Stock Exchange.
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