ICICI Bank raised Chinese Yuan (Renminbi) 650 million ($106 million) by issuing bonds in the currency at a coupon rate of 4 per cent.
The bond, which will be listed on the Singapore exchange, have been issued 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.
Meanwhile, Axis Bank received clearance from its board to allot Senior Notes aggregating $20 million under the MTN programme through its Dubai International Financial Centre (DIFC) branch.
On June 18, the board of directors of the bank passed a resolution approving the allotment.