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ICICI $1bn Dubai bond issue led by Amarchand, Lathams


Amarchand Mangaldas, Latham & Watkins and Middle East law firm Al Tamimi & Company have advised India’s largest private sector bank ICICI Bank on issuing $1bn (Rs 4,470 crore) of international bonds through five-and-a-half year fixed rate notes.

Amarchand Mangaldas Mumbai-based debt capital markets partner Niloufer Lam is understood to have led for ICICI Bank as its Indian legal counsel.

The bank acting through its Dubai branch hired law firm Al Tamimi & Company for dispensing advice related to DIFC’s (Dubai International Financial Centre’s).

Latham & Watkins Singapore office with partner Min Yee Ng and associates Lee Irvine and Jing Ting Soh represented the dealers comprising of Citigroup Global Markets, Deutsche Bank, The Hongkong and Shanghai Banking Corporation (HSBC) and The Royal Bank of Scotland.

“The offering had an order book of US$ 2.70 billion with strong interest from over 220 investors. The notes were sold under the Rule 144A/Reg S format. The 5.5 year fixed rate notes carry a coupon of 4.75% and were offered at an issue price of 99.665%, which translates to a spread of approximately 251.5 basis points over equivalent LIBOR,” ICICI Bank stated in a press release, which issued the bonds through its Dubai office.

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