March 13, 2019 / 9:59 AM / a year ago

China's ICBC to issue $8.20 bln of tier-two bonds next week - sources

BEIJING/SHANGHAI, March 13 (Reuters) - Industrial and Commercial Bank of China (ICBC) plans to issue 55 billion yuan ($8.20 billion) worth of tier-two bonds next week to replenish capital, three sources with knowledge of the matter told Reuters.

The bank, which had previously announced its intention to issue up to 110 billion yuan worth of tier-two bonds, plans to issue the bonds on March 21, the sources said.

An additional 55 billion yuan of bonds will be issued in April, according to the sources.

The bonds will be issued with tenors of 10 and 15 years, with put options to be exercised after 5 and 10 years, respectively. The bonds will be rated AAA, in line with ICBC’s issuer rating.

The 10-year bonds are expected to be priced in a range of 4 percent to 4.4 percent, while the 15-year bonds are expected to be priced at 4.3 percent to 4.8 percent, the sources said.

ICBC declined to comment on details of the issuance.

$1 = 6.7095 Chinese yuan Reporting by Xiaochong Zhang and Andrew Galbraith; Editing by Subhranshu Sahu

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