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ICBC Singapore Successfully Issued US$2 billion Dual-tranche Floating Rate Notes

The Industrial and Commercial Bank of China (ICBC) Singapore Branch (“The Bank”) has successfully issued a dual-tranche of US$2 billion offering (“the Offering” or the “Notes”). The Offering represents the largest ever 5-year USD bond issuance of both FXD and FRN across Chinese Commercial banks. The Offering has attracted strong investor appetite and received more than one hundred subscriptions globally, especially in Asia and Europe. ICBC, DBS Bank Ltd. and Standard Chartered Bank led the transaction as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners. The Joint Lead Managers and Joints Bookrunners were Agricultural Bank of China Limited Hong Kong Branch, BofA Merrill Lynch, BOCOM HK Branch, BNP Paribas, China Construction Bank (Asia), HSBC, Mizuho Securities and OCBC Bank. The Co-Managers for the Offering were Maybank and UOB.

The Notes listed on the Singapore Exchange on 26 April 2017 comprise of (1) US$550,000,000 Floating Rate Notes due 2020 and (2) US$1,450,000,000 Floating Rate Notes due 2022. The Notes were priced at 3M USD LIBOR +77 basis points and 3M USD LIBOR+ 95 basis points respectively. The net proceeds from the Offering will be used to finance the Bank’s operations and for its general corporate purposes.

Commenting on the successful issue of the Notes, General Manager of ICBC Singapore said, “I am delighted to see the Notes has received overwhelming demand from local and international investors and has made the largest ever 5-year USD bond issuance amongst Chinese Commercial banks. ICBC Singapore is one of the centralized debt issuance institutions of the ICBC group. Leveraging on the strategic positioning of Singapore as an important financial centre, we strive to raise foreign capital for the group efficiently and effectively. This is a successful outcome from the collective effort of ICBC, the big 3 local banks as well as other foreign banks. The successful Offering is also a testament of Singapore’s reputation for the breadth and depth of its capital markets. As China’s largest bank and Singapore’s sole RMB clearing bank, ICBC will continue to leverage on this strategic positioning to enhance Singapore’s importance as our key funding centre. We also seek to play a meaningful role in fostering partnerships between Chinese and Singapore corporations so as to contribute to Singapore’s development as an international financial centre.”

 “We are pleased to see the successful issuance of the medium-term notes by ICBC Singapore, contributing to the diversity of Singapore’s capital market offerings as a key financial services hub. With the introduction of the Asian Bond Grant and Green Bond Grant schemes aimed at strengthening Singapore’s bond market, we look forward to continue partnering with ICBC to bring more investment options and opportunities to investors, and strengthen the collaboration between Singapore and China in this aspect, ” said Mr Chew Sutat, Executive Vice President and Head of Equities and Fixed Income, Singapore Exchange Limited.