India New Issue-ICICI Prudential Life accepts bids for bond issue, bankers say

Icici Prudential Life Insurance

18/12/2024 07:13

MUMBAI, Dec 18 (Reuters) - India's ICICI Prudential Life Insurance  ICIR.NS  has
accepted bids worth 10.40 billion rupees ($122.5 million) for subordinated bonds maturing in 10
years, two merchant bankers said on Wednesday. 
    The private insurer will pay an annual coupon of 8.03% on this issue and had invited bids
from bankers and investors for its debut bond offering earlier in the day, the bankers added.
    The bonds have a call option at the end of five years and every year thereafter. 
    The company did not immediately reply to a Reuters email seeking comment.
    
 
   Here is the list of deals reported so far on Dec. 18: 
                                                                         
 Issuer            Tenure        Coupon (in   Issue size (in             Rating
                                 %)           bln rupees)*     Bidding   
                                                               date      
                                                                         
                                                                         
 ICICI Prudential  10 years      8.03         10.40            Dec. 18   AAA (Crisil,
 Life Insurance                                                          Icra)
             HDB   2 years and   To be        5+5              Dec. 19   AAA (Crisil,
 Financial         11 months     decided                                 Care)
 Services                                                                
                                                                         
             LIC   2 years and   To be        6+20             Dec. 19   AAA (Crisil,
 Housing           2 months      decided                                 Icra)
 Feb 2027 reissue                                                        
                                                                         
                    3 years and        To be              5+5  Dec. 19   AAA (Crisil)
 Bajaj Housing         3 months      decided                             
 Finance                                                                 
                                                                         
     
    *Size includes base plus greenshoe for some issues



($1 = 84.9230 Indian rupees)

 (Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
 ((Dharamraj.dhutia@tr.com))