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ICICI

Author: Smith, Roy C. ; Walter, IngoINSEAD Area: Economics and Political SciencePublisher: Fontainebleau : INSEAD, 1996. ; New York University Press, 1996.Language: EnglishDescription: 44p.Type of document: INSEAD CaseAbstract: This case deals with a Eurobond issue by Industrial credit and Investment Corporation of India in early 1996. Students are asked to think-through the following questions: (1) What pricing level and structure may be appropriate? (2) Which markets for end-investors are most likely to be successfully addressed? (3) How should the underwriting be conduced? (4) What is the level of risk for which investors will have to be compensated, how does it relate to India sovereign risk, and how can this risk be calibrated and priced? (5) What other concerns need to be considered in developing a strategy for the issue, and how should they be handled? (6) How should an investment bank, in this case SBC-Warburg, develop a coverage program to build a relationship with what may be a very important emerging market client in the future?Pedagogical Objectives: Teaching objectives in this case include valuation of country "haircuts" superimposed on the underlying credit risk of an emerging market corporate borrower in international capital markets, which includes the entire array of country risk assessment techniques that are ultimately focused on the issue of pricing and investor cabability. Beyond that, students have to assess the viability of, and prospects for, ICICI as a key financial institution in the evolving Indian competitive context, and its relationship with government of India. Finally, students will have to develop a business plan for covering ICICI as a client for investment banking service in future years
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Teaching objectives in this case include valuation of country "haircuts" superimposed on the underlying credit risk of an emerging market corporate borrower in international capital markets, which includes the entire array of country risk assessment techniques that are ultimately focused on the issue of pricing and investor cabability. Beyond that, students have to assess the viability of, and prospects for, ICICI as a key financial institution in the evolving Indian competitive context, and its relationship with government of India. Finally, students will have to develop a business plan for covering ICICI as a client for investment banking service in future years

This case deals with a Eurobond issue by Industrial credit and Investment Corporation of India in early 1996. Students are asked to think-through the following questions: (1) What pricing level and structure may be appropriate? (2) Which markets for end-investors are most likely to be successfully addressed? (3) How should the underwriting be conduced? (4) What is the level of risk for which investors will have to be compensated, how does it relate to India sovereign risk, and how can this risk be calibrated and priced? (5) What other concerns need to be considered in developing a strategy for the issue, and how should they be handled? (6) How should an investment bank, in this case SBC-Warburg, develop a coverage program to build a relationship with what may be a very important emerging market client in the future?

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