ICBC reopens dollar AT1 with punchy deal

ICBC Asia, the offshore subsidiary of China's largest bank, sells $1bn alternative tier one bond, becoming the first Asian lender to issue a dollar bond in the format this year.

ICBC reopens dollar AT1 with punchy deal

ICBC Asia, the offshore subsidiary of China's largest bank ICBC, sold a $1 billion alternative tier one bond on Thursday evening.

It was the first dollar bond in the AT1 format from an Asian lender this year, although United Overseas Bank has sold an AT1 deal in the Singapore dollar market.

The rarity value appeared to help the deal generated orders of around $10bn before final price guidance was...

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