PHOTO
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)
