ICBC pulls off tight pricing for dim sum

08 Aug 2012

Industrial and Commercial Bank of China made its debut in the offshore renminbi debt market this week, raising Rmb1bn ($157m) from a deal that priced inside the outstanding bonds of its rivals, including Bank of China.

The bank has previously sold deals through its Hong Kong-based international unit, ICBC Asia. But it had never issued directly until this week, when an improvement in investor sentiment encouraged the bank to launch a long-awaited deal.

The bond received around Rmb5bn of demand, allowing the bank to easily ...

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