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ICBC Dubai issues $1.4B bonds

Industrial and Commercial Bank of China Ltd Dubai Branch issued $1.4 billion in two series of international bonds, Cbonds reported Feb. 27.

Each issuance amounted to $700 million and was sold at par.

The first series pays a coupon equivalent to the three-month U.S. dollar London Interbank Offered Rate plus 0.75 percentage point, and matures March 5, 2021. The second pays a coupon of three-month U.S. dollar LIBOR plus 0.85 percentage point and matures March 5, 2023.

Citigroup, Emirates NBD, First Abu Dhabi Bank, HSBC, ICBC and Standard Chartered Bank served as book runners for the transactions.

ICBC Dubai branch is owned by Industrial & Commercial Bank of China Ltd.