Industrial and Commercial Bank of China’s USD6.16 Billion AT1 Capital Bonds Offer

Allen & Overy has advised the joint lead managers involved in the matter.

Industrial and Commercial Bank of China Limited (ICBC), the largest bank in the world by total assets, issued USD6.16bn undated Additional Tier 1 capital bonds.

This is ICBC’s second Additional Tier 1 offshore issuance adopting the rules under the Guiding Opinions on Capital Instrument Innovation for Commercial Banks (as amended) promulgated by the China Banking and Insurance Regulatory Commission.

The A&O team advised ICBC (Asia), Citigroup, HSBC, J.P. Morgan, Mizuho Securities, BOC International, Commerzbank, Crédit Agricole CIB, ICBC Standard Bank, Natixis and UBS as the joint bookrunners and joint lead managers.

The A&O team was led by partner Agnes Tsang (Picture), with support from Jiayin Yu, Erica Lo and Gordon Ng.

Involved fees earner: Erica Lo – Allen & Overy; Gordon Ng – Allen & Overy; Agnes Tsang – Allen & Overy; Jiayin Yu – Allen & Overy;

Law Firms: Allen & Overy;

Clients: BOC International; Citigroup Inc.; Commerzbank AG; Crédit Agricole Corporate and Investment Bank; HSBC; ICBC Standard Bank; Industrial and Commercial Bank of China; JP Morgan; Mizuho Securities; Natixis; UBS;

Giulia Di Palma

Author: Giulia Di Palma