India's ICICI Bank has priced a $1 billion five-year dollar bond at a much tighter spread than initially indicated, in the largest such issue by an Indian lender in nearly 14 years, three bankers said.
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%.
