ICICI Bank, India’s biggest bank in the private sector, claims to have raised $500 million by issuing bonds in the global market.

These bonds, of five and a half years tenure, have been reportedly issued at a price of 275 basis points by the bank. ICICI Bank recently made this claim on Friday to the Bombay Stock Exchange (BSE). The bonds were sold by the ICICI bank via the Hong Kong branch.

Sometime during the initial days of the current week, a Baa2 rating had been assigned by the rating agency Moody’s to the bonds having a dollar - based denomination. These too, were issued via the Hong Kong branch by the ICICI bank.

Moody’s had explained that the rating of bonds displays how much of a comfortable liquidity position a bank is in. It also gives an idea whether its capitalization levels are strong or not, and whether its profitability is satisfactory and has a robust fee income or not.