Bookrunners Banca IMI, HSBC and SinoPac have set initial guidance of 4.5%.
The Italian bank is looking at a deal of under Rmb1bn ($163m) as it wants to test demand for its name in the market.
The issuer’s outstanding €1bn ($1.3bn) 3% 2019s are the most relevant comparable, according to bankers on the deal. The bonds were trading at 2.40% on Wednesday morning.