Final week’s US greenback Extra Tier 1 capital bond from Financial institution of Communications BoCom was not solely a primary from a financial institution in China, the progressive deal might additionally pave the way in which for the way by which onshore lenders are more likely to elevate such capital going ahead.
The lender, one of many largest in China, offered a larger-than-expected Basel III-compliant $2.8 billion perpetual bond. Though these bonds don’t have any maturity date, they usually have a name date. On this case, it’s after 5 years.
There was vital demand each onshore and offshore for the Reg S deal. Books that tipped $4 billion allowed pricing…
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