A tricky balance: ICBC navigates choppy markets for $2.9bn AT1

By Alice Huang
17 Sep 2020

Industrial and Commercial Bank of China raised a smaller than planned $2.9bn from its additional tier one outing, buffeted by a surge in supply this week and a softer market backdrop. Alice Huang reports.

Despite being a frequent issuer both onshore and offshore, ICBC has not sold many AT1 transactions. Its Hong Kong subsidiary, ICBC Asia, has an outstanding $1bn 4.25% AT1 callable in July 2021, but the parent hasn’t issued an AT1 offshore since its inaugural paper in 2014, which matured ...

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