Top Indian banks selling bonds to offshore Chinese investors

ICICI Bank and IDBI Bank raising funds via this route.

ICICI Bank, India’s second largest bank in by assets and third largest by market capitalization, raised US$106 million via bonds of three years maturity.

The coupon rate on these bonds, which will be listed on the Singapore exchange, is 4%. The funds were raised under the bank’s US$5 billion Medium Term Note program.

ICICI Bank is the second Indian bank to sell bonds to offshore Chinese investors. IDBI Bank had earlier tapped this fund-raising route.

Axis Bank, the third largest private sector lender, has received board approval to allot Senior Notes aggregating US$20 million under the MTN program through its Dubai International Financial Center branch.