New Issue: ICBC’s Singapore branch details $2 billion floaters due 2020, 2022

By Marisa Wong

Morgantown, W.Va., April 26 – Industrial and Commercial Bank of China Ltd. issued $2 billion of floating-rate medium-term notes through its Singapore branch, according to a Stock Exchange of Hong Kong Ltd. notice on Wednesday.

The issuance included $550 million of series 14 notes due 2020 and $1.45 billion of series 15 notes due 2022.

The three-year notes carry a coupon of Libor plus 77 basis points, and the five-year notes carry a coupon of Libor plus 95 bps, according to two term sheets. Both series were sold at par.

ICBC Singapore Branch, ICBC (Asia), ICBC International Securities, DBS Bank, Standard Chartered Bank, Agricultural Bank of China Hong Kong Branch, Bank of Communications Hong Kong Branch, BNP Paribas, China Construction Bank (Asia), Merrill Lynch International, HSBC Singapore Branch, Mizuho Securities Asia and Oversea-Chinese Banking Corp. were the joint lead managers and joint bookrunners for the Regulation S offering.

The two series of notes were issued under the Beijing-based bank’s $20 billion euro MTN program.

Issuer:	Industrial and Commercial Bank of China Ltd., Singapore Branch
Issue:	Floating-rate medium-term notes
Amount:	$2 billion
Bookrunners:	ICBC Singapore Branch, ICBC (Asia), ICBC International Securities, DBS Bank, Standard Chartered Bank, Agricultural Bank of China Hong Kong Branch, Bank of Communications Hong Kong Branch, BNP Paribas, China Construction Bank (Asia), Merrill Lynch International, HSBC Singapore Branch, Mizuho Securities Asia and Oversea-Chinese Banking Corp. were the joint lead managers and joint bookrunners for the Regulation S offering
Call option:	No
Put option:	No
Pricing date:	April 20
Settlement date:	April 24
Listing date:	April 26
Distribution:	Regulation S
Series 14 notes
Amount:	$550 million
Maturity:	April 24, 2020
Coupon:	Libor plus 77 bps
Price:	Par
Yield:	Libor plus 77 bps
Series 15 notes
Amount:	$1.45 billion
Maturity:	April 24, 2022
Coupon:	Libor plus 95 bps
Price:	Par
Yield:	Libor plus 95 bps

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