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Industrial and Commercial Bank of China (Asia) issues US$1B of AT1 notes

Industrial& Commercial Bank of China Ltd. unit issued US$1 billion of Additional Tier 1 capital notes, itsfirst public offering of such securities.

The Basel III-compliant notes carry a fixed annual interestrate of 4.25%, payable semiannually in arrears. The coupon will be reset if thecompany does not redeem the notes on its fifth anniversary. The new coupon willbe based on the then prevailing five-year U.S. Treasury yield plus a fixedinitial spread every five years.

The noncumulative subordinated are due July 21, 2021. The notesare part of the bank's US$5 billion medium-term note program.

ICBC, Goldman Sachs (Asia) LLC acted as joint globalcoordinators, and together with Bank of America Merrill Lynch, Citi Group,Deutsche Bank, HSBC and UBS were joint book runners for the offering.