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.
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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