Bank of Zhengzhou plays musical chairs with bond banks
Bank of Zhengzhou Co’s inaugural offshore additional tier one (AT1) bond drew attention for the wrong reasons this week, after last-minute changes in the syndicate group — including one bank being dropped from the global co-ordinator group. Addison Gong reports.
When the books were opened with initial price guidance at the 5.7% area on Tuesday morning local time, the perpetual non-call five year bond had five joint global co-ordinators, all Chinese firms. They were BoCom International, CCB International, China Silk Road International, Citic CLSA and CMB International.
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