Industrial& Commercial Bank of China Ltd. will become the first Chinesebank to issue Arirang bonds, South Korea's Edailyreported Sept. 29, citing sources in the investment banking industry.

Arirang bonds are won-denominated bonds issued by a foreignentity in South Korea.

ICBC is looking to raise 50 billion South Korean won via anoffering of three-year Arirang bonds. The bank will likely issuethe bonds by early-October.

As of Sept. 28, US$1was equivalent to 1,098.12 South Korean won.