ICBC Tokyo taps Pro-Bond market with dim sum

By Addison Gong
26 Oct 2016

Industrial and Commercial Bank of China’s Tokyo branch sold a Rmb500m ($73.8m) dim sum bond on Tuesday — the first offshore renminbi Pro-Bond to be sold in Japan. The transaction was a successful attempt at drawing attention from Japanese investors, with the issuer managing to save costs compared to its dollar funding, according to bankers.

The deal came just a few days after the Chinese bank’s Sydney branch sold a Rmb1.2bn 3.65% two year. 

A banker on the new transaction said there had been discussions between the different branches of ICBC looking at different transactions, and those based in Japan had been waiting to pick ...

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