ICBC dim sum sates London taste

ICBC is the first entity from the mainland to tap the London dim sum market, supporting the city’s ambition to become an important RMB hub.
ICBC is the first entity from the mainland to tap the London Dim Sum market.
ICBC is the first entity from the mainland to tap the London Dim Sum market.

Industrial and Commercial Bank of China ICBC is set to raise Rmb2 billion from a renminbi-denominated bond in London after pricing two-tranche notes in the city.

Pricing is anchored at 3.4% plusminus 5bp for the three-year tranche and 3.8% plusminus 5bp for the five-year tranche. The final split between the two portions has not been settled.

“The deal generates strong interest from investors given scarcities of the kind in the market,” said a source familiar with the situation.

Since HSBC issue Rmb2 billion of Dim Sum bonds in April, London has seen several renminbi issues from Chinese issuers.

However,...

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