ICBC dim sum sates London taste

Industrial and Commercial Bank of China ICBC is set to raise Rmb2 billion from a renminbi-denominated bond in London after pricing two-tranche notes in the city.

Pricing is anchored at 3.4% plusminus 5bp for the three-year tranche and 3.8% plusminus 5bp for the five-year tranche. The final split between the two portions has not been settled.

“The deal generates strong interest from investors given scarcities of the kind in the market,” said a source familiar with the situation.

Since HSBC issue Rmb2 billion of Dim Sum bonds in April, London has seen several renminbi issues from Chinese issuers.

However,...