ICBC launches US$10b bond on London Stock Exchange
- By Rory Howard
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E-mail China.org.cn, December 18, 2015
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Industrial and Commercial Bank of China's (ICBC) London branch launched its first international bond on December 17, 2015, on the London Stock Exchange. Madam Jin Chen, general manager of the ICBC London branch, Mr. Jin Xu, Minister Counsellor from Business Office of the Chinese Embassy in the UK and London Stock Exchange CEO Nikhil Rathi witness the launching ceremony. [By Wang Zhiyong / China.org.cn] |
Industrial and Commercial Bank of China's (ICBC) London branch launched its first international bond on December 17, 2015, raising US$300 million on the London Stock Exchange as part of a US$10 billion dollar Medium Term Note programme.
The London Stock Exchange already has a record of supporting Chinese equity and debt issuance with 46 Chinese companies quoted in London, but this moment is historic because it is the first time that a dollar-denominated bond from a Mainland Chinese bank has been listed on the London Stock Exchange's Main Market.
Nikhil Rathi, CEO of London Stock Exchange Plc, called it a "landmark" listing and said that the decision to issue this initial bond on the London Stock Exchange demonstrates the UK's position as the leading gateway for leading Chinese firms.
Besides being the first Mainland Chinese bank to issue a bond on the Main Market, ICBC is also the first Mainland Chinese bank to be established in the UK since the establishment of the People's Republic of China in 1949.
Madam Jin Chen, general manager of the ICBC London branch said that the listing of ICBC Medium Term Note programme on the London Stock Exchange's Main Market emphasizes the UK's importance to ICBC's global strategy, and said that the success of the bank's debut issue shows that despite difficult market conditions the ICBC name and credit story continues to be well supported in the market.
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