ICBC seals the deal with $5.7bn triple whammy

Industrial and Commercial Bank of China’s additional tier one (AT1) bank capital trade was completed in style on December 3 as investors poured into the dollar, euro and offshore renminbi tranches. Like its predecessor Bank of China’s $6.5bn AT1 two months ago, the deal was highly oversubscribed at launch. But market participants were far more positive this time, lauding the issuer’s more market-driven approach, writes Rev Hui.