Strong demand for Industrial Bank dollar debut

Chinese lender attracts strong order book and responds with aggressive spread tightening.

Shanghai-listed Industrial Bank, China’s seventh-largest lender by assets, priced a well-received debut dollar-denominated deal on Tuesday in a quiet day for the region’s G3 bond markets.

The Baa2 rated lender issued a $1 billion combined three-year and five-year transaction, with both tranches pricing at the tight end of revised guidance.

The Reg S offering attracted a peak order book of $8.5 billion with a slight tilt to the shorter-dated bonds according to one syndicate banker.

This was roughly double the demand that similarly rated Everbright Bank attracted last week when it also executed a maiden offshore bond offering.

Everbright's $500 million...

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