CMB readies sub bond as China debt flies
China Merchants Bank (CMB) is set to launch one of the biggest subordinated bank capital deals in China’s domestic bond market next week with a Rmb30bn ($4.4bn) lower tier two issue. Lead managed by China International Capital Corp, CMB and UBS Securities, the deal will be a test of the health of China’s domestic debt capital market, and comes as dwindling interest in Chinese equities is fueling interest in fixed income products.
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