Industrial Bank proceeds cautiously with $1bn bond

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By Addison Gong
14 Sep 2016

China’s Industrial Bank took advantage of a quiet primary market on Tuesday, bagging $1bn from a dual trancher. Given the softer tone this week, the issuer went out with realistic expectations on pricing, which was key to the transaction’s success, according to bankers.

“Books were solid and investors were very responsive towards Industrial Bank — especially Chinese bank treasuries. That allowed the issuer to tighten pricing by around 30bp across both tranches,” said a banker close to the deal.

Bank of America Merrill Lynch, Bank of China International, Citi and Standard ...

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