ICBC sets new benchmark

Inaugural bond deal from Hong Kong lender marks Territory''s first international senior debt issue by a local bank.

ICBC Asia priced an increased $400 million bond deal yesterday September 9 via lead managers Goldman Sachs, HSBC and JPMorgan.

The A2 rated deal was priced at 99.513% on a coupon of 4.125% to yield 4.234%. This equates to 88bp over Treasuries or 40bp over Libor. Fees were 20bp.

The transaction marks the first investment grade deal from Asia since the summer and was well received by investors, attracting an order book of $1.47 billion. This enabled the deal to be upsized from a base deal size of $300 million and pricing tightened from an indicative range of 90bp to 95bp over Treasuries.

...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222