ICBC preps dollar AT1 as peers stay onshore for capital
Industrial and Commercial Bank of China (ICBC) has received the nod to head offshore for capital, at a time when most of its peers have been tapping the liquid domestic market for funds.
The bank has got approval from the China Banking and Insurance Regulatory Commission to issue up to Rmb30bn-equivalent ($4.24bn) in dollar additional tier one bonds, according to a Tuesday evening filing.Some of ICBC’s ‘big five’ peers or their wholly-owned arms have already tapped the offshore market ...
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