By Cristal Cody
Eureka Springs, Ark., Oct. 17 – The Industrial and Commercial Bank of China Ltd., New York Branch priced $1 billion of 2.452% five-year senior notes with a spread of 120 basis points over Treasuries on Monday, a market source said.
The notes priced in line with guidance.
A planned 10-year tranche was dropped.
BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the lead managers.
ICBC is the New York City-based representative office of the Chinese bank.
| Issuer: | Industrial and Commercial Bank of China Ltd., New York Branch
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Maturity: | Oct. 20, 2021
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC
|
| Coupon: | 2.452%
|
| Spread: | Treasuries plus 120 bps
|
| Trade date: | Oct. 17
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A
|
| Price guidance: | Treasuries plus 120 bps area
|
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