ICBC NZ prints NZ$200 million three- and five-year domestic deal

Friday, 21 June 2019

Issuer: Industrial and Commercial Bank of China New Zealand
Issuer rating: A/A1
Issue rating: as issuer
Pricing date: 21 June 2019
Settlement date: 27 June 2019
Total volume: NZ$200 million (US$132 million)
Lead managers: ANZ, BNZ, Westpac Banking Corporation New Zealand Branch

Three-year FRN tranche
Volume: NZ$100 million
Total outstanding in the line: NZ$100 million
Maturity date: 27 June 2022
Coupon rate: 3m BKBM +100bp
Issue/re-offer price: par
Margin to swap: 100bp/3m BKBM

Five-year fixed-rate tranche
Volume: NZ$100 million
Total outstanding in the line: NZ$100 million
Maturity date: 27 June 2024
Coupon rate: 2.61%
Issue/re-offer price: par
Issue yield: 2.61%
Margin to swap: 125bp/mid