ICBC yuan bond makes stunning debut

[SINGAPORE] The maiden yuan-bond sale of the Industrial and Commercial Bank of China's (ICBC) Singapore branch has received strong demand. The two-year two billion yuan (S$408 million) bonds priced at 3.2 per cent on Tuesday night received orders hitting 5.2 billion yuan.

The issue by ICBC Singapore branch, wholly owned by ICBC, China's largest bank, scored several firsts. It is the first Chinese entity to issue a yuan bond cleared in Singapore.

At two billion yuan, it is also the biggest deal. So far, yuan bond issuances by DBS Bank, United Overseas Bank and HSBC were for 500 million yuan each while Standard Chartered's was one billion yuan.