ONE of China's biggest banks, the Industrial and Commercial Bank of China (ICBC), is expected to follow the trail blazed by Agricultural Bank of China and People's Construction Bank of China in entering the Hong Kong dollar market. Bankers said they expected ICBC to seek about HK$500 million early next year through a floating-rate certificate of deposit (FRCD). ICBC, which is stepping up its activities in Hong Kong, recently raised US$100 million through its Singapore branch. It paid 40 basis points (0.4 percentage points) for the Singapore branch borrowing, which was for five years, but included a three-year put option. An FRCD is an issue of debt securities in which investors in the securities are paid a floating rate of interest for the life of the is-sue. Bankers said of the ICBC's latest Hong Kong dollar borrowing plan that it was unlikely to be able to be syndicated before Lunar New Year in February. They said it was likely to be well supported by local and international banks because of ICBC's size and influence and growing activity in Hong Kong. Pricing was not available for the latest deal, which was expected to materialise in the first quarter of 1996, but Agricultural Bank of China's Hong Kong branch last month paid 50 basis points over the three-month Hong Kong interbank offered rate for its $500 million FRCD. As with ICBC's deal, Agricultural Bank's FRCD was for five years and included a three-year put option. Agricultural Bank's deal was well received, with lending banks responding to invitations well before deadline. Bankers said most of the deals for the year had been wound up, with many international banks now engaged in strategic planning for 1996, which meant those executives making lending decisions were back at their head offices. One syndication for Texwinca Holdings will be signed today, a $60 million revolving credit facility arranged by Fuji Bank.