Postal Savings Bank aims for record AT1

Postal Savings Bank of China Co launched its highly anticipated additional tier one dollar bond on Thursday, seeking a whopping $7bn from what could be the world’s largest AT1.

  • By Morgan Davis
  • 21 Sep 2017

A2/A/A+ rated PSBC, one of the Mainland’s largest commercial banks by assets, received approval to pursue the subordinated offshore trade of up to Rmb50bn ($7.4bn) in early August from the China Banking Regulatory Commission.

Last week, the issuer mandated 21 firms to run the transaction. ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

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1 CITIC Securities 11,427.98 67 5.89%
2 UBS 9,299.37 70 4.79%
3 China Securities Co Ltd 9,276.15 41 4.78%
4 China International Capital Corp Ltd 9,131.08 44 4.71%
5 Goldman Sachs 8,990.09 44 4.63%

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1 HSBC 28,421.28 190 8.26%
2 Citi 25,455.77 157 7.39%
3 JPMorgan 21,262.04 123 6.18%
4 Bank of America Merrill Lynch 18,072.67 94 5.25%
5 Standard Chartered Bank 14,573.61 109 4.23%

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