ICICI raises $500 million

ICICI Bank has raised $500 million in a benchmark bond sale to overseas investors at a coupon of 3.833%. The 10-year issue was through the Dubai branch of ICICI Bank, an investment banking source said.

The RegS issue (bonds sold in the US but to nonAmerican investors) is part of India’s largest private sector lender’s $7.5-billion global medium term note programme.