India’s largest private sector bank and second-largest bank in terms of assets ICICI Bank has undertaken a US$1bn bond offering. Davis Polk & Wardwell advised the issuer. The joint lead managers were advised by Latham & Watkins. Amarchand & Mangaldas & Suresh A. Shroff & Co were the issuer’s Indian counsel and Al Tamimi & Company advised the issuer’s opinion as to DIFC (Dubai international financial center) law.
Acting mainly through its Hong Kong office, Davis Polk advised ICICI Bank. Its corporate team was led by partners Margaret Tahyar and Kirtee Kapoor. Members of the Davis Polk’s New York and London offices were also involved in this transaction.
The dealers – Barclays Bank, Citigroup Global Markets and Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited and The Royal Bank of Scotland – were advised by Latham & Watkins, in a team led by Singapore partner Min Yee Ng, and supported by associates Lee Irvine and Jing Ting Soh.
The bonds, which are due in 2016, have a coupon of 4.75% and are issued under ICICI Bank Limited’s US$5 billion Global Medium Term Note Programme.
ICICI Bank has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore, Dubai, Sri Lanka, Hong Kong, Bahrain, the United States and Qatar. The Bank is listed on the Bombay Stock Exchange and the National Stock Exchange of India and has its ADSs listed on the New York Stock Exchange.ALB
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