Industrial Bank Co. Ltd. raised US$1.66 billion through the issuance of bonds in four tranches.
The Chinese lender issued US$600 million of three-year bonds with a coupon of 3.500%; US$250 million of five-year notes with a 3.750% coupon; US$500 million of five-year floating-rate bonds priced at 105 basis points over three-month LIBOR; and €250 million of floating-rate notes with a coupon of 75 basis points over three-month EURIBOR.
The offering was 2.2× oversubscribed, the company said Feb. 26.
Proceeds from the offering will help Industrial Bank optimize its financial structure, enrich its medium- and long-term source of funds and expand its overseas operations, among others.
