INDIA

摘要

Icici bank has become the first Indian issuer of Pro-bonds on the Tokyo Stock Exchange, three years after it set up its programme. The bank issued ¥10bn (USS85m) of five-year bonds via a placement on December 9. The notes, priced at par, carry a coupon of 0.678% to give a spread of 60bp over yen mid-swaps. "The deal proceeded at mid-swaps plus 60bp, which isn't an uncomfortable funding level for the borrower," said a banker on the transaction.