Industrial Bank Issues First USD1 Billion Bond Overseas
Yicai Global
/SOURCE : Yicai
Industrial Bank Issues First USD1 Billion Bond Overseas

(Yicai Global) Sept. 22 -- Yesterday, Industrial Bank Co., Ltd. successfully issued its first USD1 billion bond on the global capital market and set a new record of all overseas bond issues by Chinese joint-stock banks in terms of its size, biggest subscription multiple, lowest interest rate and issue premium.

The bonds issued by the bank are divided into two categories, three-year and five-year, with the former totaling USD700 million, the coupon rate being two percent; and the latter totaling USD300 million, with a coupon rate of 2.375 percent.

The USD1 billion bond issue was the first issuance of the USD5 billion medium-term notes planned by Industrial Bank on September 5. Citibank, Standard Chartered, Merrill Lynch and BOC International acted as the joint global coordinators, and leading financial institutions including HSBC and Goldman Sachs as co-bookrunners.

Previously, Moody's assigned a long-term rating (P)Baa2 and a short-term rating (P)P-2 to the USD5 billion medium-term note program.

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