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Moody's: ICBC (Asia) to issue US dollar-denominated Basel III notes

Industrial& Commercial Bank of China (Asia) Ltd. plans to issue U.S.dollar-denominated Basel III notes, Moody's said July 8.

The perpetual, noncumulative and subordinated preferencenotes will be a drawdown from the bank's existing US$5 billion medium-term noteprogram. They will qualify as regulatory Additional Tier 1 capital securities.

The rating agency also assigned a (P)Baa2 rating to thebank's amended subordinated medium-term note program, subject to the receipt offinal documentation.

Industrial & Commercial Bank of China (Asia) is a unitof Industrial & CommercialBank of China Ltd.