New Issue: ICBC branches price four offerings totaling $1.5 billion, RMB 1.6 billion, €300 million

By William Gullotti

Buffalo, N.Y., Oct. 26 – Industrial and Commercial Bank of China Ltd., Hong Kong Branch, Industrial and Commercial Bank of China Ltd., Singapore Branch, Industrial and Commercial Bank of China Ltd., Dubai (DIFC) Branch and Industrial and Commercial Bank of China Ltd., Luxembourg Branch simultaneously sold four note offerings due 2025 and 2026 (A1), according to a listing notice with several appended pricing supplements on Thursday.

Each series of Regulation S notes is issued under the Hong Kong Branch’s $20 billion global medium-term note program as “one-belt-one-road” themed green bonds.

The Hong Kong Branch priced $500 million 5 3/8% notes due 2026 at 99.817 to yield 5.442%.

The joint lead managers and joint bookrunners for the series are ICBC, Agricultural Bank of China, Bank of China, Credit Agricole CIB, HSBC, Bank of Communications, BNP Paribas, China Construction Bank, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., China Securities International, Citic Securities, CMB Wing Lung Bank Ltd., CNCB Capital, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Standard Chartered Bank and Wells Fargo Securities.

ICBC, Agricultural Bank, Bank of China, Credit Agricole and HSBC are also the joint global coordinators.

The other dollar-denominated offering and only floating-rate series, totaling $1 billion and maturing in 2026, was sold at par by the Singapore Branch.

The floaters bear interest at SOFR plus 60 basis points.

ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Crédit Agricole CIB, DBS Bank Ltd., Mizuho, Standard Chartered Bank, ABC International, ANZ, China Citic Bank, China Everbright Bank Hong Kong Branch, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., China Securities International, Chiyu Banking Corp., Ltd., Citic Securities, China Merchants Bank, Emirates NBD Capital, Guotai Junan International, HSBC, Huatai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, MUFG, Natixis, OCBC, Shanghai Pudong Development Bank Hong Kong Branch and United Overseas Bank were the joint lead managers and joint bookrunners, with ICBC, Agricultural Bank, Bank of China, China Construction Bank, Credit Agricole, DBS, Mizuho and Standard Chartered also acting as joint global coordinators.

The only series due 2025 was sold by the Dubai Branch at par, totaling RMB 1.6 billion and carrying a 3.2% coupon.

ICBC, Credit Agricole CIB, HSBC, Mizuho, Standard Chartered Bank, Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank (Asia), China International Capital Corp., China Securities International, CMBC Capital and CNCB Capital are the joint lead managers and joint bookrunners, with ICBC, Credit Agricole, HSBC, Mizuho and Standard Chartered also acting as joint global coordinators.

The bank’s Luxembourg Branch priced €300 million of 4 1/8% notes due 2026 at 99.746 to yield 4.217%.

Bank of China, Citic Securities, Credit Agricole CIB, JPMorgan, Natixis, ICBC, ABC International, Bank of Communications, CCB Europe, China International Capital Corp., CMB Wing Lung Bank Ltd., Commerzbank, HSBC, MUFG, Societe Generale CIB and UBS Investment Bank are the joint lead managers and joint bookrunners, with Bank of China, Citic Securities, Credit Agricole, JPMorgan and Natixis as the joint global coordinators.

Proceeds from each series by the branch issuers will be used to finance and/or refinance eligible green assets.

Each series of notes is expected to be listed on the Hong Kong Exchange, the Singapore Exchange, Nasdaq Dubai and the Luxembourg Exchange effective Oct. 26.

The parent bank is based in Beijing.

Issuer:	Industrial and Commercial Bank of China Ltd.
Trustee:	HSBC Ltd. and HSBC Bank USA, NA (as issuing agents, paying agents, transfer agents and registrar)
Counsel to issuer:	Linklaters (England, United States), King & Wood Mallesons (China)
Counsel to underwriters:	Allen & Overy (England, Hong Kong, United States), Jingtian & Gongcheng (China)
Call:	For taxation reasons or on event of default at par
Pricing date:	Oct. 19
Issue date:	Oct. 25
Listing date:	Oct. 26
Rating:	Moody’s: A1
Distribution:	Regulation S
5 3/8% notes
Issuer:	Industrial and Commercial Bank of China Ltd., Hong Kong Branch
Amount:	$500 million
Issue:	Notes, series MTN64
Maturity:	Oct. 25, 2026
Bookrunners:	ICBC, Agricultural Bank of China, Bank of China, Credit Agricole CIB, HSBC, Bank of Communications, BNP Paribas, China Construction Bank, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., China Securities International, Citic Securities, CMB Wing Lung Bank Ltd., CNCB Capital, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Standard Chartered Bank and Wells Fargo Securities
Coupon:	5 3/8%
Price:	99.817
Yield:	5.442%
ISIN:	XS2706176547
Floating-rate notes
Issuer:	Industrial and Commercial Bank of China Ltd., Singapore Branch
Amount:	$1 billion
Issue:	Floating-rate notes, series MTN65
Maturity:	Oct. 25, 2026
Bookrunners:	ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Credit Agricole CIB, DBS Bank Ltd., Mizuho, Standard Chartered Bank, ABC International, ANZ, China Citic Bank, China Everbright Bank Hong Kong Branch, China Galaxy International, China International Capital Corp., China Minsheng Banking Corp., Ltd., China Securities International, Chiyu Banking Corp., Ltd., Citic Securities, China Merchants Bank, Emirates NBD Capital, Guotai Junan International, HSBC, Huatai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, MUFG, Natixis, OCBC, Shanghai Pudong Development Bank Hong Kong Branch and United Overseas Bank
Coupon:	SOFR plus 60 bps
Price:	Par
ISIN:	XS2699256710
3.2% notes
Issuer:	Industrial and Commercial Bank of China Ltd., Dubai (DIFC) Branch
Amount:	RMB 1.6 billion
Issue:	Notes, series MTN66
Maturity:	Oct. 25, 2025
Bookrunners:	ICBC, Credit Agricole CIB, HSBC, Mizuho, Standard Chartered Bank, Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank (Asia), China International Capital Corp., China Securities International, CMBC Capital and CNCB Capital
Coupon:	3.2%
Price:	Par
Yield:	3.2%
ISIN:	HK0000958584
4 1/8% notes
Issuer:	Industrial and Commercial Bank of China Ltd., Luxembourg Branch
Amount:	€300 million
Issue:	Notes, series MTN67
Maturity:	Oct. 25, 2026
Bookrunners:	Bank of China, Citic Securities, Credit Agricole CIB, JPMorgan, Natixis, ICBC, ABC International, Bank of Communications, CCB Europe, China International Capital Corp., CMB Wing Lung Bank Ltd., Commerzbank, HSBC, MUFG, Societe Generale CIB and UBS Investment Bank
Coupon:	4 1/8%
Price:	99.746
Yield:	4.217%
ISIN:	XS2706208506

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