ICBC Leasing returns with $2b dual-tranche bond

Going down the Reg S route allows the company to pick up more steam than its 144A print six months ago. It reflects a growing shift in buying power to the East.

ICBC Financial Leasing, the aircraft leasing unit of China’s largest commercial lender, returned to the international bond markets for the first time this year, raising $2 billion via a dual-tranche deal.

The A1AA rated group garnered more than $5.75 billion of orders from Reg S investors at peak level, before the order book closed at $4.9 billion, according to a syndicate banker running the deal. That attracted almost double the $2.6 billion order book  ICBC Leasing achieved for its two-part sale in September last year, when it tapped 144A investors in the US as well.

The success of the Asia-focused deal, as opposed...

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