ICBC Singapore issues $250m offshore bonds

It was soon oversubscribed upon announcement.

ICBC’s Singapore branch issued its $250m (RMB1.25b) 3-year bonds, an announcement revealed.

Set to be listed in the Singapore Exchange (SGX), its joint underwriters and bookrunners include ICBC, Development Bank of Singapore, E. SUN Commercial Bank, HSBC, Standard Chartered, and Sinopac Securities.

“As China’s economy continues to grow rapidly, we are honoured to partner and collaborate with ICBC’s Debt Capital Markets team to jointly play a key role in the financial collaboration and information exchange between the two countries,’’ SGX executive vice president Chew Sutat said.

According to ICBC, the issue is the largest single tranche Lion City Bond in Singapore for 2018. The issue was priced inside the curve with other comparables in the secondary markets.

Upon announcement, the order book was soon oversubscribed with interests from financial institutions, fund managers, insurance companies and private banks in the region.

“The issue demonstrated the continued confidence of international investors in the China’s economic outlook,” ICBC Singapore deputy general manager Zhou Aimin said.“It also shows the internationalisation of the RMB is on a steady trajectory.”