New Issue: China’s ICBC prices RMB 1.75 billion notes due 2016, 2017

By Christine Van Dusen

Atlanta, July 29 – Industrial and Commercial Bank of China Ltd. priced a combined RMB 1.75 billion of notes due in 2016 and 2017 (expected rating: A1) on Tuesday, a market source said.

The deal included RMB 1.25 billion 3.4% notes due Feb. 11, 2016 that priced at par to yield 3.4%.

The second tranche totaled RMB 500 million notes due Aug. 11, 2017 that priced at par to yield 3.55%.

ANZ, BofA Merrill Lynch, Citigroup, ICBC (Asia), ICBC, Societe Generale and National Australia Bank were the bookrunners for the Regulation S deal.

The issuer is based in Beijing.

Issuer:	Industrial and Commercial Bank of China Ltd.
Amount:	RMB 1.75 billion
Description:	Notes
Bookrunners:	ANZ, BofA Merrill Lynch, Citigroup, ICBC (Asia), ICBC, Societe Generale, National Australia Bank
Trade date:	July 29
Settlement date:	Aug. 11
Expected rating:	Moody’s: A1
Distribution:	Regulation S
Notes due 2016
Amount:	RMB 1.25 billion
Maturity:	Feb. 11, 2016
Coupon:	3.4%
Price:	Par
Yield:	3.4%
Notes due 2017
Amount:	RMB 500 million
Maturity:	Aug. 11, 2017
Coupon:	3.55%
Price:	Par
Yield:	3.55%

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