ICBC replenishes capital ahead of Fed decision

China's largest bank offers a reasonable new issue premium ahead of the Fed decision, with markets subdued across Asian G3 debt.
All eyes on the Fed
All eyes on the Fed

Industrial Commercial Bank of China ICBC nipped into the G3 bond markets on Tuesday with a $2 billion Basel III- compliant, Tier 2 bond deal.

The 10-year bullet transaction came on a subdued trading day for Asian G3 bonds with many investors sitting on the sidelines ahead of the US Federal Reserve’s meeting later this week, when it may decide to raise interest rates for the first time in a decade.

The one exception was SMC Power’s recent perpetual bond, which blew out almost four points as the result of a legal dispute with the Philippines government.

The muted trade flows meant that...

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