New Issue: ICBC Singapore sells $700 million 2½% notes due 2017 at 180 bps spread

By Christine Van Dusen

Atlanta, May 14 - Industrial and Commercial Bank of China Ltd.'s Singapore branch priced $700 million 2½% notes due Nov. 21, 2017 (expected rating: A1) at 99.551 to yield 2.635%, or Treasuries plus 180 basis points, a syndicate source said.

The pricing matched talk, set at Treasuries plus 180 bps.

ICBC Singapore branch, ICBC Asia, ICBC International, DBS Bank, HSBC, JPMorgan and Standard Chartered Bank were the bookrunners for the Regulation S deal.

ICBC is a lender based in Beijing.

Issuer:	Industrial and Commercial Bank of China Ltd.'s Singapore branch
Amount:	$700 million
Maturity:	Nov. 21, 2017
Description:	Notes
Bookrunners:	ICBC Singapore branch, ICBC Asia, ICBC International, DBS Bank, HSBC, JPMorgan, Standard Chartered Bank
Coupon:	2½%
Price:	99.551
Yield:	2.635%
Spread:	Treasuries plus 180 bps
Trade date:	May 14
Settlement date:	May 21
Expected rating:	Moody's: A1
Distribution:	Regulation S
Price talk:	Treasuries plus 180 bps

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