ICBC opens new medium-term note program on LuxSE

The Luxembourg Stock Exchange (LuxSE) accepted on Thursday a new medium-term note program for the Luxembourg branch of the Industrial and Commercial Bank of China (ICBC).

According to a statement released by the LuxSE, the program has an aggregate nominal amount of eight billion euros, or equivalent in other currencies. As a medium-term note program, it will enable the ICBC to issue bonds on a regular basis, and tranches from the program will be listed on the Euro MTF market of LuxSE in the future.

The listing of the program comes on the heels of a memorandum of understanding signed in December between ICBC and LuxSE, which aims to facilitate financial activities related to the internationalization of the renminbi and to promote LuxSE as a listing venue for Chinese issuers.

"This listing further confirms the trust of Chinese banks in Luxembourg as an international financial center," said Robert Scharfe, CEO of the LuxSE.

Joint lead managers for the program were ICBC Asia, ICBC Singapore, Standard Chartered and BNP Paribas.