Chong Hing gets big bid for novel LT2

Chong Hing Bank sold an Asian first at the end of last week, raising $225m from a lower tier two deal that featured a 'regulatory switch'. The Hong Kong lender sold a subordinated bond that turns into a senior issue — and pays a smaller coupon — if it loses all of its capital credit. Investors swamped the deal, leaving the order book more than six times covered.