Herbert Smith Freehills has advised Industrial and Commercial Bank of China Limited (ICBC), the world's largest bank by assets, on a Rule 144A/Regulation S issue of US$2 billion Tier 2 capital notes.

The 4.875 per cent Tier 2 capital notes due 2025 will be listed on the Stock Exchange of Hong Kong.  ICBC, Bank of America Merrill Lynch, Goldman Sachs (Asia) LLC, HSBC and UBS were joint lead managers and joint bookrunners to the issue.

Beijing partner Tom Chau advised ICBC, assisted by counsel Zhong Wang and senior associate Isaac Chen.

The relationship between ICBC and Herbert Smith Freehills dates back to 2006, when the firm advised ICBC on its US$21.9 billion initial public offering – then the world's largest IPO and the first simultaneous dual listing on the Hong Kong and Shanghai stock exchanges.  Since then, Herbert Smith Freehills has advised ICBC on several of its most important transactions in recent years.

"We are very pleased to have had an opportunity to work with ICBC again on the bank's latest notes issue," said Tom.  "This transaction reflects, once again, our position as one of the leading capital markets practices in Greater China."