ICBC, BoCom bank on investor appetite for FRNs

Industrial and Commercial Bank of China (ICBC) and Bank of Communications (BoCom), enjoyed success with their decision to jump on the floating rate note (FRN) bandwagon on Monday, via their Hong Kong branches. The former bagged $2bn from a triple-tranche offering and the latter $850m from a three year floater.

  • By Addison Gong
  • 14 Feb 2017

The senior deals came shortly after Bank of China’s (BOC) popular $2bn triple-tranche offering last week. For BOC’s trade, demand was particularly strong for a $1.2bn three year floating rate portion, which attracted $2.9bn of orders and is now among the largest FRNs from the region.

Market participants reckon ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

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1 CITIC Securities 11,427.98 67 5.85%
2 Goldman Sachs 9,298.39 45 4.76%
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5 China International Capital Corp Ltd 9,131.08 44 4.68%

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1 HSBC 28,421.28 190 8.21%
2 Citi 25,455.77 157 7.36%
3 JPMorgan 21,282.04 124 6.15%
4 Bank of America Merrill Lynch 18,072.67 94 5.22%
5 Standard Chartered Bank 14,573.61 109 4.21%

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