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Deals of the Year 2011: ICBC (Asia)

ICBC (Asia)
Value Rmb1.5 billion 6% tier-2 sub-debt bonds, 10-year non-call five
Bookrunners HSBC, ICBC International, Bank of China HK, Credit Suisse, DBS, Goldman Sachs
return to the Asian Deals of the Year index

In 2011, the CNH market achieved a hectic graduation from nascent wild-west-style market to something approaching maturity and depth. The clearest illustration of this came with a Rmb1.5 billion [$240 million] subordinated bond from ICBC (Asia), owned by mainland banking heavyweight ICBC.

It was full of firsts. For a start, it was the first subordinated bond in the CNH market, and is expected to be followed by more. It was the first subordinated bond from Asia in any market to be Basle III compliant. And it brought 10-year tenor (this was a 10-year non-call five deal) to the CNH market, increasing its maturity.

"We had two hurdles to overcome," says Peter Leung, chief financial officer of ICBC (Asia). "First was the marketing and selling, but even before we started that, we had to do a lot of persuading of the regulators.

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