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ICBC issues offshore Additional Tier 1 preference shares

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Tsang Agnes
Agnes Tsang

Partner

Hong Kong

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Mirpuri Madhu
Madhu Mirpuri

Marketing and Communications Manager

Hong Kong

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24 September 2020

Allen & Overy has advised the joint bookrunners and joint lead managers on the issuance of USD2.9 billion 3.58% non-cumulative perpetual offshore preference shares by Industrial and Commercial Bank of China Limited (ICBC), the largest bank in the world by total assets. 

The offshore preference shares will qualify as Additional Tier 1 Capital of ICBC pursuant to the Capital Management Rules. The offshore preference shares were offered under Regulation S format and listed on the Hong Kong Stock Exchange. This landmark transaction marks the first offshore Additional Tier 1 issuance adopting the new rules under the latest Guiding Opinions on Capital Instrument Innovation for Commercial Banks (as amended) promulgated by China Banking and Insurance Regulatory Commission. 

The A&O team advised ICBC International, ICBC Standard Bank, Goldman Sachs (Asia) L.L.C., Deutsche Bank, Société Générale Corporate & Investment Banking, BofA Securities, Credit Suisse, Standard Chartered Bank, CCB International, NOMURA and BOC International 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, Sidi Han and Gordon Ng.