New Issue: China's ICBC sells $500 million 5 1/8% notes due 2020 to yield 235 bps over Treasuries

By Christine Van Dusen

Atlanta, Nov. 23 - Industrial and Commercial Bank of China Ltd. priced $500 million 5 1/8% notes due Nov. 30, 2020 (expected ratings: A3//BBB+) at 99.737 to yield 5.159%, or Treasuries plus 235 basis points, a market source said.

Bank of America Merrill Lynch and HSBC were the bookrunners for the Regulation S deal.

ICBC is a lender based in Beijing.

Issuer:	Industrial and Commercial Bank of China Ltd.
Amount:	$500 million
Maturity:	Nov. 30, 2020
Description:	Subordinated notes
Bookrunners:	Bank of America Merrill Lynch, HSBC
Coupon:	5 1/8%
Price:	99.737
Yield:	5.159%
Spread:	Treasuries plus 235 bps
Trade date:	Nov. 23
Settlement date:	Nov. 30
Expected ratings:	Moody's: A3
	Fitch: BBB+
Distribution:	Regulation S

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