By Rebecca Melvin
New York, July 29 – Industrial and Commercial Bank of China Ltd.’s London branch priced £600 million 1½% notes due 2022 under its $10 billion medium-term note program, according to a regulatory release.
The issue is the first in British pound sterling issued by the Chinese bank, which said the issue contributes to the expansion of the bank’s offshore financing currency and diversification of its capital raising capabilities.
Listing on the London Stock Exchange is expected to occur on Wednesday.
As previously reported, the issue is being underwritten by Barclays, Citigroup, Credit Agricole, HSBC, ICBC Standard Bank and Standard Chartered Bank as stabilizing managers.
There is an over-allotment facility of 5% of the nominal amount.
ICBC is based in Beijing.
| Issuer: | Industrial and Commercial Bank of China Ltd. London branch
|
| Issue: | Fixed-rate notes
|
| Amount: | £600 million
|
| Maturity: | 2022
|
| Bookrunners: | Barclays, Citigroup, Credit Agricole, HSBC, ICBC Standard Bank and Standard Chartered Bank
|
| Coupon: | 1½%
|
| Listing date: | July 31
|
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