Chinese bank's Dubai branch to launch $4bn bond Moody’s rates Industrial and Commercial Bank of China’s proposed $4 billion EMTN programme (From Emirates247)
Industrial and Commercial Bank of China’s (ICBC) Dubai branch in Dubai International Finance Centre (DIFC) will establish $4 billion (Dh14.68 billion) euro medium term note (EMTN) programme, Moody's Investors Service said.
The international ratings agency assigned it (P)A1/(P)P-1 long-term and short-term ratings to the proposed $4 billion EMTN programme. "The provisional ratings are in line with ICBC's A1/P-1 long-term and short-term deposit ratings, reflecting the structure of the proposed issuance," said Christine Kuo, a Moody's Vice President and Senior Credit Officer, in a statement.
ICBC Dubai (DIFC) Branch's EMTN programme allows the branch to issue senior notes with any maturities and any currencies, as specified in the applicable pricing supplement, which also specifies the interest rate and redemption structure, Moody’s said.
Industrial and Commercial Bank of China was incorporated in Dubai International Finance Centre in April 2008.
Dubai International Financial Centre had announced an 18% increase in the number of active registered companies operating within the Centre, reaching 1,225 firms at the end of 2014, compared with 1,039 in 2013.
Headquartered in Beijing, Industrial and Commercial Bank of China reported total assets of RMB21.4 trillion (Dh12.67 trillion) as of March 31, 2015.