New Issue: China’s Industrial Bank prices $1 billion two-tranche notes due 2019, 2021

By Christine Van Dusen

Atlanta, Sept. 19 – China’s Industrial Bank priced $1 billion of notes in three- and five-year tranches (expected rating: Baa2) in a Regulation S deal, a market source said.

The deal included $700 million 2% notes due 2019 that priced at 99.875 to yield Treasuries plus 113 basis points and $300 million 2 3/8% notes due 2021 that priced at 99.644 to yield Treasuries plus 125 bps.

Citigroup, Standard Chartered Bank, BofA Merrill Lynch, BOC International, HSBC, Goldman Sachs, Bocom, Shanghai Pudong Development Bank, Agricultural Bank of China and China Construction Bank were the bookrunners for the deal.

The proceeds will be used for working capital and for funding the bank’s expansion strategies.

The lender is based in Fuzhou, in the Fujian Province.

Issuer:	Industrial Bank
Amount:	$1 billion
Description:	Notes
Bookrunners:	Citigroup, Standard Chartered Bank, BofA Merrill Lynch, BOC International, HSBC, Goldman Sachs, Bocom, Shanghai Pudong Development Bank, Agricultural Bank of China, China Construction Bank
Trade date:	Sept. 14
Settlement date:	Sept. 21
Expected rating:	Moody's: Baa2
Distribution:	Regulation S
Notes due 2019
Amount:	$700 million
Maturity:	Sept. 21, 2019
Coupon:	2%
Price:	99.875
Spread:	Treasuries plus 113 bps
Notes due 2021
Amount:	$300 million
Maturity:	Sept. 21, 2021
Coupon:	2 3/8%
Price:	99.644
Spread:	Treasuries plus 125 bps

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