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 three-year note has performed extremely well since it was priced at 120bp over...