ICBC bond

ICBC sells $750 million bond through Hong Kong branch

The deal launches shortly after S&P downgrades global banks, but insurance funds keen for direct exposure to the mainland parent anchor the deal.
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ICBC's dollar bond offers most direct exposure yet to a Chinese bank (AFP)
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<div style="text-align: left;"> ICBC's dollar bond offers most direct exposure yet to a Chinese bank (AFP) </div>

The Hong Kong branch of Industrial Commercial Bank of China late Wednesday night priced a $750 million 10-year senior bond that offers direct exposure to the bank’s onshore parent.

The notes were issued by Skysea International Capital Management, an entity established by ICBC International Leasing, which in turn is wholly owned by ICBC, the world’s biggest bank by market capitalisation. ICBC’s Hong Kong branch is the guarantor.

The deal was marketed to investors in the area of 10-year Treasuries plus 320bp and priced at Treasuries plus 310bp. The coupon was fixed at 4.875% and the notes were reoffered at 97.708. The deal gathered a $2.25...

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