ICBC NY’s dual-tranche dollar floater attempt deflates

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By Morgan Davis
15 Nov 2018

Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.

Bookrunners Bank of America Merrill Lynch, BNP Paribas, Citi, HSBC and Wells Fargo began marketing a three year floating rate note at 100bp over three month Libor area, and a five year floater at the 110bp over area. The transaction was to be sold through ICBC’s New York ...

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