<p>Industrial and Commercial Bank of China (ICBC) is aiming to raise up to 30 billion yuan ($4.4 billion) in additional tier one perpetual offshore preference shares, according to a term sheet seen by Reuters.</p>.<p>The bank, the world's largest by assets, is speaking to investors on Wednesday and has flagged an initial yield of around 3.95 per cent.</p>.<p>ICBC had 31.1 trillion yuan in total assets at the end of June.</p>.<p>The offshore preference shares will be denominated in US dollars and will be counted as part of the bank's additional tier one capital levels.</p>.<p>Pricing of the issuance is due to occur later on Wednesday, the term sheet says.</p>.<p>Bank of China raised $2.82 billion in late February by issuing the same type of offshore preference shares with a yield of 3.6 per cent.</p>.<p>ICBC's issuance will be rated Ba1 by Moody's and the securities will be listed on the Hong Kong Stock Exchange.</p>.<p>ICBC said in its semi-annual report in late August that the banking regulator approved a quota to sell up to 130 billion yuan in selling tier two bonds.</p>.<p>The ICBC's board also approved a proposal to sell 100 billion yuan worth of perpetual bonds on August 28, but the proposals still need to be approved by mainland regulators. </p>
<p>Industrial and Commercial Bank of China (ICBC) is aiming to raise up to 30 billion yuan ($4.4 billion) in additional tier one perpetual offshore preference shares, according to a term sheet seen by Reuters.</p>.<p>The bank, the world's largest by assets, is speaking to investors on Wednesday and has flagged an initial yield of around 3.95 per cent.</p>.<p>ICBC had 31.1 trillion yuan in total assets at the end of June.</p>.<p>The offshore preference shares will be denominated in US dollars and will be counted as part of the bank's additional tier one capital levels.</p>.<p>Pricing of the issuance is due to occur later on Wednesday, the term sheet says.</p>.<p>Bank of China raised $2.82 billion in late February by issuing the same type of offshore preference shares with a yield of 3.6 per cent.</p>.<p>ICBC's issuance will be rated Ba1 by Moody's and the securities will be listed on the Hong Kong Stock Exchange.</p>.<p>ICBC said in its semi-annual report in late August that the banking regulator approved a quota to sell up to 130 billion yuan in selling tier two bonds.</p>.<p>The ICBC's board also approved a proposal to sell 100 billion yuan worth of perpetual bonds on August 28, but the proposals still need to be approved by mainland regulators. </p>