ICICI Bank, on Monday, hit the overseas bond market with a benchmark 5.5-year issue at an initial pricing of 3.75 per cent over the U.S. treasury.

This is the second debt raising by the city-based lender this year after it had raised SGD 225 million early January in a seven-year bond sale programme through its Dubai branch offering a coupon of 3.65 per cent. The bond was sold denominated in Singapore dollars.

“We have launched a U.S. dollar-denominated Reg S (Regulation S) benchmark bond sale programme for ICICI Bank with an initial price guidance of 375 basis points above the US Treasury,” one of the merchant bankers said.

Regulation S bonds or RegS bonds are those offered to non-US residents and qualified institutional buyers (under an exception to U.S. securities laws enacted in 1990), and do not enjoy the same legal protection as other issues do. —PTI