Financial Daily from THE HINDU group of publications
Tuesday, Feb 05, 2002
Financial Daily from THE HINDU group of publications Tuesday, Feb 05, 2002 |
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Money & Banking
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Corporate Bonds ICICI Safety Bonds issue from Feb 8 Our Bureau
MUMBAI, Feb. 4 ICICI is tapping the retail bond market for the eighth time this year with a Rs 600-crore offering of its safety bonds. The issue, which has a greenshoe option to retain over-subscription up to another Rs 600 crore, follows IDBI's second offering of flexibonds which opened on Monday. ICICI's issue opens on February 8 and closes on March 4. ICICI has added an option to its Tax Saving Bond and also introduced a new bond called Monthly Income Bond. It has offered a quarter percentage point higher return under the new, six-year option. The other options under the Tax Saving Bond are in the nature of deep discount bonds. IDBI too had hiked the rates of interest on its bonds by about 25 basis points. However, the yields offered by both the institutions are almost the same. ICICI has reduced the options in its Money Multiplier Bond to one and reduced the rate of interest by about 30 basis points. Interest rates have also been slashed on Regular Income Bonds. The peak rate offered on the bond has come down from 10 per cent to 9.5 per cent.
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