New Issue: Industrial and Commercial Bank of China unit sells $250 million floaters due 2024

By William Gullotti

Buffalo, N.Y., Dec. 16 – Industrial and Commercial Bank of China Ltd., Macau Branch sold $250 million of floating-rate notes due 2024 (//A) at par, according to several listing notices and an offering circular.

The Regulation S floaters are issued under Industrial and Commercial Bank of China Ltd.’s $20 billion global medium-term note program.

The notes will bear interest at SOFR plus 80 basis points.

ICBC (Macau), ICBC, ABC Macao Branch, Bank of China Macau Branch, Bank of Communications Macau Branch, China Construction Bank Corp., Macau Branch, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., DBS Bank Ltd., Luso Bank Ltd. and Macau Chinese Bank are the joint lead managers and joint bookrunners.

Proceeds from the offering will be used to strengthen the role of Macao as the platform for cooperation between China and Portuguese-speaking countries, to support business activities in Portuguese-speaking countries and to further meet the bank's operational and management needs.

Listings for the notes are expected on the Chongwa (Macao) Exchange and the Singapore Exchange effective Dec. 16.

The bank is based in Macau.

Issuer:	Industrial and Commercial Bank of China Ltd., Macau Branch
Amount:	$250 million
Issue:	Floating-rate notes
Maturity:	Dec. 15, 2024
Bookrunners:	ICBC (Macau), ICBC, ABC Macao Branch, Bank of China Macau Branch, Bank of Communications Macau Branch, China Construction Bank Corp., Macau Branch, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., DBS Bank Ltd., Luso Bank Ltd. and Macau Chinese Bank
Trustee:	Luso International Banking Ltd.
Counsel to issuer:	Linklaters (England, United States), King & Wood Mallesons (China)
Counsel to underwriters:	Allen & Overy (England, United States), Jingtian & Gongcheng (China)
Coupon:	SOFR plus 80 bps
Price:	Par
Call:	For taxation reasons at par plus interest
Pricing date:	Dec. 7
Issue date:	Dec. 15
Listing date:	Dec. 16
Rating:	Fitch: A (expected)
Distribution:	Regulation S
ISIN:	MO0000000089

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