ICBC targets biggest Lion City offering with dual listed dim sum

Industrial and Commercial Bank of China (ICBC), China’s biggest state-owned bank and Singapore’s renminbi clearing bank, has opened books for its Singapore and Taiwan dual listing RMB bond. The multi tranche deal of two, five and seven years will mark the bank’s debut Formosa bond, and the borrower is also hoping to make it the biggest Lion City bond to date, targeting a size of Rmb4bn ($652m).