ICBC bites the preference share bullet

China’s biggest lender sells $5.7 billion of offshore Additional tier-1 notes in three different currencies, obtaining a staggering $28 billion total order book.

ICBC bites the preference share bullet

ICBC launched a pioneering triple-currency $5.7 billion additional tier-1 perpetual offering on Wednesday, the second preference share offering by a Chinese financial institution in just over a month.

The Basel III-compliant instrument   an upgrade on Bank of China’s preference share issuance on October 16 was made up of three parts a $2.95 billion note, a Rmb12 billion $2 billion offering and a 600 million $744 million tranche.


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