Book size: 1300; Registration: Reg S Only; Comments: GBP250m NG 3yr fxd cpn 4.50%, at 99.662, yld 4.623%, Spread: G+53bps. UKT 0 ½ 01/31/29 @ 90.415 (mid) / 4.041% (s/a);
Deal Comments
Reoffer: 3yr: UKT+53bp / 99.662 / 4.623% (ann.) / 4.571% (s.ann.)
Benchmark: 3yr: UKT 0½ 31-Jan-29 @ 90.415 (mid) / 4.041% (s/a)
Final Books: 3yr: Over £1.3bn (incl. £802m JLM interest + £75m additional "prop" as per SFC code)
Spread Set: 3yr: UKT+53bp - Books over £1.48bn (incl. £997m JLM int + £75m additional prop per HKSFC)
Update #1: Book > £1.29bn (incl. £997m JLM int + £75m additional prop per HKSFC)
IPTs: 3yr: UKT+75bp area
Issuer: Industrial and Commercial Bank of China Limited, London Branch
LEI: 5493002ERZU2K9PZDL40
Issuer Ratings: A1 Negative/A Stable (Moody's/S&P)
Expected Issue Ratings: A1 (Moody's)
Format: Senior, Unsecured
Currency & Size: £250m
Tenor: 3-Year
Reference Benchmark: UKT 0½ 31-Jan-29 @ 90.415 (mid) / 4.041% (s/a)
Coupon: 4.5% Fixed, Annual, Act/Act (ICMA)
Reoffer: 99.662 / UKT+53bp / 4.623% (ann.) / 4.571% (s.ann.)
Pricing Date: 09-Mar-26
Settlement Date: 16-Mar-26
Maturity Date: 16-Mar-29
Use of Proceeds: General corporate purposes
ISIN: XS3296391777
Common Code: 329639177
Listing: The Stock Exchange of Hong Kong Limited, London Stock Exchange (International Securities Market) and Luxembourg Stock Exchange (Euro MTF market)
Clearing: Euroclear / Clearstream
Denominations: £100,000 + £1,000
Governing Law: English Law
Joint Global Coordinators, Joint Lead Managers & Joint Bookrunners: ICBC Standard Bank, Barclays, Crédit Agricole CIB, HSBC, J.P. Morgan, Natixis and Standard Chartered Bank
Joint Lead Managers & Joint Bookrunners: ICBC, Agricultural Bank of China, Bank of Communications, China CITIC Bank International, China Construction Bank (Europe) S.A., China International Capital Corporation, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CITIC Securities, CMB Wing Lung Bank Limited, DBS Bank Ltd., Huatai International, Hua Xia Bank Co., Limited Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, Lloyds Bank Corporate Markets and Shanghai Pudong Development Bank Hong Kong Branch
B&D: Standard Chartered Bank
Timing: TOE: 12:59 UKT / FTT: 13:45 UKT 09-Mar-26