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HomeEconomyChina bank’s Dubai branch floats $500m bond

China bank’s Dubai branch floats $500m bond

Industrial and Commercial Bank of China has launched a $500 million five-year debut bond issued by its Dubai branch, which is set to price later on Monday, a document from lead managers said.

The bank, China’s largest by assets, set the final spread at 120 basis points over U.S. Treasuries, the document stated, tighter than the initial price guidance of around 145 basis points over treasuries announced earlier in the day.

The deal, rated A1 by Moody’s, has garnered orders in excess of $3.5 billion from investors so far, an earlier document showed.

ICBC picked Citigroup, Emirates NBD, National Bank of Abu Dhabi and itself to arrange the transaction.-Reuters