Industrial & Commercial Bank of China Ltd. raised a total of US$1 billion in Tier 2 notes.

S&P Global Ratings said April 3 the bank issued US$500 million Basel III-compliant Tier 2 capital notes and US$500 million subordinated notes, which qualify as legacy Tier 2 capital. The notes are drawdowns from the bank's US$5 billion medium-term note program.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.