Industrial and Commercial Bank of China (ICBC), the largest commercial bank in the People's Republic, last week launched a securitization backed by non-performing and sub-performing loans (NPLs) with a book value of Rmb2.6 billion (US$314 million). Credit Suisse First Boston's Tokyo-based ABS team acted as sole financial adviser and structuring agent for the deal, with Citic Securities in a supporting role and China Credit Trust as the trustee.
Officials at CSFB were reluctant to give too much information while investor subscription is still being finalized. What is known is that ICBC is looking to realize around Rmb800 million from the deal. Domestic agencies China Chengxin International and Dagong will rate the issue.