February 5, 2015 / 8:00 AM / 3 years ago

ICBC readying Tier 2 offshore bond offering

HONG KONG, Feb 5 (IFR) - Industrial and Commercial Bank of China is preparing to issue a Basel III-compliant Tier 2 bond around April, according to investors familiar with the plan.

The Chinese bank has mandated itself as global co-ordinator, with Bank of America Merrill Lynch, Goldman Sachs and UBS, the same line-up as its Additional Tier 1 transaction in December.

The December 144A/Reg S issue comprised a US$2.94bn non-call 5, a Rmb12bn non-call 5 and a 600m euro non-call 7. All three tranches priced at 6%, the tight end of the guidance of 6.00-6.25%.

The currency and format of the new T2s had not been decided, although US dollars and euros were potentials, said the investors. (Reporting By Frances Yoon, editing by Dharsan Singh and Daniel Stanton)

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