ICBC Asia prices smaller green bonds inside parent

Green Shoots
By Addison Gong
14 Jun 2018

Industrial and Commercial Bank of China (Asia) on Wednesday priced a triple-tranche green bond. But the deal, comparatively smaller than recent issues at $730m equivalent, had a moment of intrigue when one global co-ordinator left the syndicate group.

ICBC (Asia)’s deal came on the heels of ICBC London branch's recent $1.5bn-equivalent dual-tranche floating rate green notes. The 2021 and 2023 bonds, sold last week at 73bp and 83bp over three month Libor, respectively, have since widened out in the secondary market, to 77bp and 87bp over.

“There was ...

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