ICBC Dubai branch narrows price guidance for benchmark 5-yr dollar bond

Industrial and Commercial Bank of China has revised price guidance for a benchmark five-year debut bond from its Dubai branch, which is expected to price later on Monday, a document from lead managers showed.

The bank, China’s largest by assets, has set final price guidance at 120 basis points over U.S. Treasuries, the document showed, tighter than the initial price guidance of around 145 basis points over treasuries announced earlier in the day.

The deal, rated A1 by Moody’s, has so far attracted orders totalling more than $3.5 billion from investors, the document added.

ICBC picked Citigroup, Emirates NBD, National Bank of Abu Dhabi and itself to arrange the transaction.