ICBC sets new benchmark

Inaugural bond deal from Hong Kong lender marks Territory''s first international senior debt issue by a local bank.

ICBC Asia priced an increased $400 million bond deal yesterday September 9 via lead managers Goldman Sachs, HSBC and JPMorgan.

The A2 rated deal was priced at 99.513% on a coupon of 4.125% to yield 4.234%. This equates to 88bp over Treasuries or 40bp over Libor. Fees were 20bp.

The transaction marks the first investment grade deal from Asia since the summer and was well received by investors, attracting an order...

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