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Institutional demand for the Industrial and Commercial Bank of China's 25 billion yuan convertible bond sale exceeded 2 trillion yuan. That's according to a report by the China Securities Journal today (Wednesday).
ICBC, the word's largest bank by market value, took subscriptions for its convertible bond sale on August 31st. ICBC's fundraising is part of a broader plan to supplement its capital. It's also raising up to 45 billion yuan, through a rights issue in Hong Kong and Shanghai.