ICBC issues first Chinese bank capital bond this year

The Chinese bank taps the US Reg S market to issue a $6.9 billion bond.

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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