A&O advises on ICBC’s issuance of USD6.16 billion AT1 capital bonds

Allen & Overy has advised the joint lead managers on the issuance of USD6.16bn undated Additional Tier 1 capital bonds by Industrial and Commercial Bank of China Limited (ICBC), the largest bank in the world by total assets.

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. A&O previously advised on ICBC’s issuance of USD2.9 billion non-cumulative perpetual offshore preference shares in September 2020.

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, with support from Jiayin Yu, Erica Lo and Gordon Ng.