The country’s biggest private-sector lender, ICICI Bank, on Friday said it had priced $500

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million worth of bonds at 5 percent.

The dollar bonds have a maturity of 5.5 years and the coupon works out to a spread of 275 basis points over LIBOR, the bank said in a statement, adding that it acted through its Hong Kong branch.

On Thursday, a source close to the deal had told Reuters the issuer has mandated BofA Merrill Lynch, HSBC and Deutsche Bank for the deal.