Jun. 7, 2012 (China Knowledge) - Industrial and Commercial Bank of China or ICBC<601398
>, the world's biggest lender by market value, announced yesterday that it plans to issue RMB 20 billion of fixed-rate subordinate bonds from Jun. 11 to Jun. 13.
The bank said in a statement that it would issue RMB 10 billion in ten-year bonds and RMB 10 billion in 15-year bonds.
Coupon rate of the bonds will be determined in the process of book-building.
Both value date and payment due date is Jun. 13 and interest will be paid annually.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
CITIC Securities Co<600030
><6030>, China International Capital Corp and BOC International (China) Ltd have been hired as joint lead underwriter for the offering.
The lender said that proceeds from the deal will be used to replenish its tier-2 capital.