The London branch of Industrial and Commercial Bank of China (ICBC) has self-arranged its first dual-currency term loan facility worth US$259.5mn and £133mn – scaled back after significant oversubscription.

Nine banks, including ANZ, BNP Paribas, Commerzbank and Mizuho Bank, joined the facility as bookrunners and mandated lead arrangers. The bank declined to disclose the names of the other lenders.

“The facility was launched to a targeted group of ICBC’s relationship banks and was well received,” the bank says in a press statement.

The facility, which has tenors of two and three years in each currency,  replaces the three-year US$450mn tranche priced at 80 basis points over Libor that the bank signed in 2015.

The loan is ICBC London’s ninth transaction since the branch received its license in 2014. Ruixiang Han, CEO of ICBC London says he is “delighted” that the bank has “achieved flexibility of funding in two major currencies”.

“This is of particular importance as we diversify our maturities and currency borrowings for ICBC London,” he adds.

Ruixiang says the deal highlights “not only the strong relationships we have in the market but also underlines the growing credibility of Chinese banks’ abilities to raise financing in the loan market”.