The Industrial and Commercial Bank of China ICBC has issued the first bank capital offering from the mainland Chinese market this year, totalling USD 6.16 billion.
The largest single-tranche offering to come from Asia in the past four years, the tier one issuance was well-received, with a mix of asset managers, corporates, insurers and quasi-sovereigns subscribing to the orderbook.
Catherine Wang, Citigroup managing director and co-head of Financial Institutions, Corporate Banking, Asia Pacific noted, “there was a very strong response from high quality global institutional investors for this landmark transaction, highlighting the strength of the ICBC credit.”
The proceeds from the bond will be...
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