Industrial and Commercial Bank of China's (ICBC) London branch on Thursday launched its 10-billion-U.S. dollar medium-term note (MTN) program on the London Stock Exchange.
As part of the MTN program, a first dollar-denominated bond has been launched by the bank, raising 300 million U.S. dollars on the London Stock Exchange. The three-year bond is the first dollar-denominated issue by a Chinese mainland bank on the London Stock Exchange's Main Market.
Jin Chen, general manager of ICBC's London branch said: "We are proud to have listed our MTN program on London Stock Exchange's Main Market. This is a first... emphasizing the UK's importance to our global strategy."
"This has been evidenced by the establishment of ICBC London branch in 2014 and the growing economic ties between the UK and China," she added.
Nikhil Rathi, CEO of London Stock Exchange and director of international development at LSEG, said: "The (bank's) decision to issue this initial bond on London Stock Exchange demonstrates the UK's position as the leading gateway for leading Chinese firms looking to access global capital in the full range of currencies."
