Mega deal for ICBC?

ICBC overwhelmed with demand for $190 million exchangeable.

A $190 million exchangeable by International Commercial Bank of China ICBC into Cathay Financial Holdings was completed after London's close on Monday by joint leads Goldman Sachs and Lehman Brothers.

The deal attracted huge demand even after individual orders were capped at $20 million and closed at $3 billion, equating to an oversubscription rate of nearly 17 times. This easily beat Taishin Financial Holdings, whose $180 million deal closed eight-and-a-half times covered in mid-April under the lead of Citigroup.

Both deals underscore the advantages of marrying patchy primary markets supply with the huge liquidity washing around the credit markets. However, some bankers have criticized the terms on both deals for not...

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