Industrial and Commercial Bank of China sets talk for three-, five-year dollar notes

By Christine Van Dusen

Atlanta, March 12 – Industrial and Commercial Bank of China Ltd. set talk for a two-tranche offering of dollar-denominated notes due in three and five years (expected ratings: A3//A), a market source said.

The three-year notes were talked at a spread in the Treasuries plus 205 basis points area.

The five-year notes were talked at a spread in the 225 bps area.

The notes include a change-of-control put at 101.

Citigroup, ICBC Asia, ICBC International, JPMorgan, Morgan Stanley and Standard Bank are the bookrunners for the Regulation S deal.

The proceeds will be used for the acquisition of assets.

The lender is based in Beijing.

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