China’s ICBC renews $20 billion medium-term note program

By William Gullotti

Buffalo, N.Y., Oct. 17 – Industrial and Commercial Bank of China Ltd. renewed its $20 billion global medium-term note program (A1) on the Hong Kong Exchange, according to a listing notice with an appended offering circular on Tuesday.

As with its most recent $20 billion program, notes will be issued in various series and forms and may be fixed-, floating- or zero-rate notes.

Program offerings will be Regulation S compliant and may also be issued under Rule 144A.

Industrial and Commercial Bank of China (Asia) Ltd. is again acting as both arranger and dealer.

HSBC Ltd. and HSBC Bank USA, NA are acting as issuing agents, paying agents, transfer agents and registrar.

Linklaters and King & Wood Mallesons are advising ICBC and/or its branches in their capacity as issuer, with Allen & Overy and Jingtian & Gongcheng advising ICBC in its capacity as arranger and dealer.

The one-year program became effective Oct. 16, with the new listing expected to become effective Oct. 17.

ICBC is based in Beijing.

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