Industrial Commercial Bank of China Asia yesterday launched its benchmark lower tier-2 issue, in what is the first subordinated bond in the nascent offshore renminbi bond market. The bank is also poised to be the first Asian bank to issue Basel III compliant debt.
ICBC Asia’s 10-year non-call five-year bond was marketed to investors in the area of low 6% Thursday afternoon and is expected to price as early as today. A benchmark deal is about Rmb1 billion $157 million in the dim sum market.
As scores of Chinese banks are also looking to issue sub-debt, the market will be watching closely to see how ICBC...
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