Staff Writer
Industrial and Commercial Bank of China Limited (ICBC), Dubai (DIFC) has raised $300 million from a three-year floating-rate and CNH 2.8 billion ($413 million) from a fixed-rate green bonds in a dual-currency issuance.
The USD senior unsecured issuance saw its spread tightened to SOFR +35 bps from an initial price guidance of SOFR +90 bps. The reoffer price was set at par with the order book in excess of $1.1 billion, including $910 million JLM.
The renminbi bond saw a spread at +1.64 from an IPG in the 2.15% area, with a reoffer price set at par. The order book was in excess of RMB6.7 billion, including RMB3.7 billion JLM.
The dollar issuance drew the bulk demand from Asia (83%), with the remaining from EMEA (17%).
Labelled as the China-Arab states renewable energy cooperation themed green bonds, the issuances have a rating of A1 by Moody’s, in line with the issuer’s own rating of A1 (Stable) by Moody’s and A (Stable) by S&P.
The benchmark issuances were under ICBC’s $20 billion GMTN Programme.
The green bonds will list on HKSE, the International Securities Market of the London Stock Exchange, and Nasdaq Dubai.
(Writing by Bindu Rai, editing by Seban Scaria)
bindu.rai@lseg.com
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