China’s ICBC talks 10-year notes at 280 bps area over Treasuries

By Aleesia Forni

Virginia Beach, Sept. 15 – Industrial and Commercial Bank of China Ltd. set price guidance for a benchmark offering of 10-year tier 2 capital in the Treasuries plus 280 basis points area, a market source said.

Proceeds from the Rule 144A and Regulation S offering (Baa3/BBB+) will be used to replenish the bank’s tier 2 capital.

Bookrunners are BofA Merrill Lynch, ICBC, Goldman Sachs & Co., HSBC Securities and UBS Securities LLC.

The bank is based in Beijing.

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