Rmb stays firm as ICBC holds up and others plan to follow
The offshore renminbi bond market is proving more resilient to European shocks than its dollar counterpart, with ICBC Asia selling the first subordinated deal last week — and encouraging other borrowers to follow quickly.
The bank sold a Rmb1.5bn lower tier two issue last Friday. It was the first subordinated debt in the dim sum market and the first lower tier two bond from a Hong Kong bank to be Basel III compliant.
The bookrunners picked a good day to price the
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