ICBC launches first bond on London Stock Exchange as part of $10 billion MTN programme

    • Chinese bank ICBC London branch lists $10 billion Medium Term Note (MTN) programme on London Stock Exchange
    • Launches $300 million bond
    • First bond by a Mainland Chinese bank on the Main Market
    • Minister Counsellor, Jin Xu and ICBC to open trading in London to celebrate first international bond issue

Industrial and Commercial Bank of China’s London branch has launched its first international bond, raising $300 million on London Stock Exchange as part of a $10 billion MTN programme. The three year bond is the first dollar denominated issue by a Mainland Chinese bank on London Stock Exchange’s Main Market.

London Stock Exchange has a strong track record of supporting Chinese equity and debt issuance on its markets. 46 Chinese companies are quoted in London. In addition, there are 37 so-called dim sum bonds listed on London Stock Exchange’s markets, with an outstanding amount of CNY 23.5 billion (£2.4 billion) and 7 RQFII ETFs, including the first ETF in Europe denominated in RMB. Total value traded on exchange for 2015 for the 7 RQFII ETFs year to date is £1.8 billion across 11,000 trades.

Nikhil Rathi, CEO, London Stock Exchange plc & Director of International Development, LSEG said:

"London is the world’s most international financial market and the obvious destination for the London branch of ICBC to launch its first dollar denominated bond. This landmark listing is part of an exciting and extensive $10 billion medium term note programme being undertaken by the bank and the decision to issue this initial bond on London Stock Exchange demonstrates the UK’s position as the leading gateway for leading Chinese firms looking to access global capital in the full range of currencies."

Madam Jin Chen, General Manager, Industrial and Commercial Bank of China Limited, London Branch said:

"We are proud to have listed our MTN programme on London Stock Exchange’s Main Market; this is a first not only for the ICBC Group but also for a Mainland Chinese bank emphasizing the UK’s importance to our global strategy. This has been evidenced by the establishment of ICBC London branch in 2014 and the growing economic ties between the UK and China. The success of our debut issue shows that despite increasingly difficult market conditions the ICBC name and credit story continues to be well supported in the market."

 

- Ends -

For further information:

Ed Clark - +44 (0)20 7797 1222
newsroom@lseg.com

Notes to editors:

About ICBC:

ICBC operates principally in Mainland China, and has an overseas network covering 42 countries and regions. On 8 September 2014, the Prudential Regulation Authority and the Financial Conduct Authority authorised the Bank to establish a branch in London. ICBC was the first bank branch to be established in the UK by a Mainland Chinese bank since the founding of the People’s Republic of China in 1949. It is also the first branch by a foreign bank from non-EEA countries authorized by UK regulators under the new regulatory regime. The establishment expands the Bank’s capacity in the UK, particularly in the UK wholesale financial services markets, to support further business and trade development between the UK and China. ICBC London provides a range of diversified financial products to its Chinese, UK and international clients in various sectors including commodities, manufacturing, commercial real estate and financial services. Products offered include commercial lending (syndicated loans), trade finance, clearing and cash management. ICBC London uses the Group’s advantages and regional resources to provide comprehensive financial services for Chinese and international companies globally while attracting target customers on the local market.

About London Stock Exchange Group:


London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.

The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors unrivalled access to Europe's capital markets.

Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.

The Group is a global leader in indexing and analytic solutions. FTSE Russell offers thousands of indexes that measure and benchmark markets around the world. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, and RNS.

London Stock Exchange Group is a leading developer of high performance trading platforms and capital markets software for customers around the world. Currently, over 40 organisations and exchanges use the Group’s MillenniumIT trading, surveillance and post trade technology, including the Group’s own markets.

Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.

Further information on London Stock Exchange Group can be found at www.lseg.com