By Christine Van Dusen
Atlanta, March 13 – Industrial and Commercial Bank of China Ltd. – via ICBC Financial Leasing – priced a $1 billion issue of notes due in 2018 and 2020 (expected ratings: A3//A) on Thursday, a market source said.
The $400 million 2 5/8% three-year notes priced at 99.493 to yield Treasuries plus 175 basis points, following talk in the 205 bps area.
The $600 million 3¼% five-year notes priced at 98.957 to yield Treasuries plus 190 bps, following talk in the 225 bps area.
Citigroup, ICBC Asia, ICBC International, JPMorgan, Morgan Stanley and Standard Bank were the bookrunners for the Regulation S deal.
The proceeds will be used for the acquisition of assets.
The lender is based in Beijing.
| Issuer: | ICBC Financial Leasing
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, ICBC Asia, ICBC International, JPMorgan, Morgan Stanley, Standard Bank
|
| Change-of-control put: | At 101%
|
| Trade date: | March 12
|
| Expected ratings: | Moody’s: A3
|
| Fitch: A
|
| Distribution: | Regulation S
|
|
|
| Three-year notes
|
| Amount: | $400 million
|
| Maturity: | March 19, 2018
|
| Coupon: | 2 5/8%
|
| Price: | 99.493
|
| Spread: | Treasuries plus 175 bps
|
| Price talk: | Treasuries plus 205 bps area
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | March 17, 2020
|
| Coupon: | 3¼%
|
| Price: | 98.957
|
| Spread: | Treasuries plus 190 bps
|
| Price talk: | Treasuries plus 225 bps area
|
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