By Aleesia Forni
Virginia Beach, Sept. 15 – Industrial and Commercial Bank of China Ltd. priced $2 billion of 4 7/8% 10-year tier 2 capital notes at Treasuries plus 275 basis points, a market source said.
The issue priced at 99.189 to yield 4.979%.
Guidance was set in the area of Treasuries plus 280 bps following talk in the 295 bps area over Treasuries.
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.
| Issuer: | Industrial and Commercial Bank of China Ltd.
|
| Amount: | $2 billion
|
| Description: | Tier 2 notes
|
| Maturity: | Sept. 21, 2025
|
| Bookrunners: | BofA Merrill Lynch, ICBC, Goldman Sachs & Co., HSBC Securities, UBS Securities LLC
|
| Coupon: | 4 7/8%
|
| Price: | 99.189
|
| Yield: | 4.979%
|
| Spread: | Treasuries plus 275 bps
|
| Trade date: | Sept. 15
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
| Price guidance: | Treasuries plus 280 bps area, tightened from Treasuries plus 295 bps area
|
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