ICBC London - Inaugural GBP denominated public bond offering by a Chinese Bank

On 24 July 2019 Industrial and Commercial Bank of China Limited, London Branch (“ICBC London”) successfully priced its inaugural GBP benchmark issuance, a major milestone for ICBC London’s local business and in the development of the investor base for the bank as a whole.

The GBP600m 3-year fixed rate bond (rated A1 by Moody’s) is the first benchmark sterling debt issuance by a Chinese bank, was majority sold into UK investors and is listed on the LSE International Securities Market.

This is an immense achievement for ICBC London, especially given the diverse range of local investors, resulting in the final orderbook being distributed 50% to UK & Ireland. Fund Managers represented the largest proportion of the orderbook with 49% of allocations, Central Banks and Official Institutions the next 42% with the remainder roughly split between Banks / PBs / Insurance and Pension Funds. ICBC London views access to the sterling bond market as a key step in the development of ICBC’s UK business, providing term funding and establishing a benchmark for future issues, and diversifying ICBC’s investor base into key UK funds.

The issuance cements ICBC’s leading position in pioneering inaugural transactions for Chinese Banks following from their inaugural green bond issuance in June 2018 which marked the largest green bond ever listed on London Stock Exchange at that time.

Quick facts

Track
Market: ISM
Instrument market cap (£m)
-
Listing/Admission to trading
01 Aug 2019
Looking for new and recent issues?

More recent

London Stock Exchange welcomes Castelnau Group Limited to the Specialist Fund Segment to the Main Market

The London Stock Exchange today welcomes Castelnau Group Limited (‘Castelnau’), an investment company established to invest in public and private companies with the aim of outperforming the FTSE All Share Total Return Index over the long term.  The ordinary shares of Castlenau will be listed on the Specialist Fund Segment of the Main Market.</

Learn more
London Stock Exchange welcomes Light Science Technologies Holdings plc

Today, London Stock Exchange welcomes Light Science Technologies Holdings plc (“LSTH”) to trading on AIM under the ticker LST. In October 2021, LSTH successfully raised gross proceeds of £5 million (the “Placing”) and the Company’s market capitalisation on admission was approximately £17.5 million.

The net proceeds of the Placing, which are receivable by the

Learn more
London Stock Exchange welcomes Tortilla Mexican Grill plc to AIM

Tortilla Mexican Grill plc (MEX), the largest and most successful fast-casual Mexican restaurant group in the UK, began trading on Friday 8 October on London Stock Exchange’s AIM. The IPO raised £5.0m of gross proceeds, and upon Admission the Company’s market capitalisation was £70.0m.

Tortilla offers a high-quality, affordable and freshly prepared Californi

Learn more
149.96
London Stock Exchange welcomes Oxford Nanopore Technologies plc to the Main Market

London Stock Exchange welcomes Oxford Nanopore Technologies plc to the Main Market of the London Stock Exchange. Founded in 2005 by Gordon Sanghera, Spike Willcocks and Professor Hagan Bayley, Oxford Nanopore has developed a new generation of nanopore-based sensing technology.

Oxford Nanopore’s long term goal is to bring the widest benefits to society throug

Learn more