New Issue: China's ICBC prints $500 million 4½% 10-year notes at 315 bps spread

By Christine Van Dusen

Atlanta, Oct. 3 - Industrial and Commercial Bank of China Ltd. priced $500 million 4½% notes due Oct. 10, 2023 (expected rating: //BBB+) at 99.903 to yield 4.522%, or Treasuries plus 315 basis points, a market source said.

ICBC, ANZ, BofA Merrill Lynch, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, RBS and UBS were the bookrunners for the Regulation S deal.

The notes were talked at a spread in the 320 bps area.

The bank is based in Beijing.

Issuer:	Industrial and Commercial Bank of China Ltd.
Amount:	$500 million
Maturity:	Oct. 10, 2023
Description:	Notes
Bookrunners:	ICBC, ANZ, BofA Merrill Lynch, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, RBS, UBS
Coupon:	4½%
Price:	99.903
Yield:	4.522%
Spread:	Treasuries plus 315 bps
Trade date:	Oct. 3
Settlement date:	Oct. 10
Expected rating: Fitch: BBB+
Distribution:	Regulation S
Price talk:	Treasuries plus 320 bps area

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