Tight pricing for China Minsheng $500m comeback

Addison Gong

April 28, 2017 10:00 AM

china minsheng px230 — --FILE--View of a branch of China Minsheng Banking Corp. Ltd. in Chongqing, China, 25 February 2011. China Minsheng Banking Corp., the nations first non-state lender, said it plans to raise as much as 29.4 billion yuan (US$4.5 billion) by selling shares and convertible bonds to boost its capital adequacy ratio. The bank will issue up to 20 billion yuan of convertible bonds in Shanghai and has canceled a plan to issue local-currency shares in a private placement, according to a filing to the Hong Kong stock exchange. Minsheng will also issue as many as 1.65 billion new H-shares in Hong Kong, the statement said. | Xiao chen cq/AP/Press Association Images

China Minsheng Banking Corp’s Hong Kong branch sealed a $500m three year fixed rate bond on Thursday — the only FIG issuer in Asia DCM on the day. Market participants reckon the spread was too tight when compared to the secondary levels of China’s big four banks.

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Topics

China Minsheng Banking Corp China China Construction Bank Hong Kong SAR Asia Greater China Senior Debt Northeast Asia Asia Pacific Emerging Markets HSBC FIG

AG

Addison Gong

SSA editor GlobalCapital