ABC NY takes unusual approach with dual-trancher

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ABC NY takes unusual approach with dual-trancher

abc px230
In this July 6, 2010 photo, a woman walks past the entrance of an Agricultural Bank of China branch in Beijing, China. State-owned Agricultural Bank of China Ltd. held steady in its trading debut Thursday, July 15, 2010, after raising up to $22.1 billion in a mammoth initial public offering despite the global crisis and concern about its profitability. (AP Photo/Alexander F. Yuan) | Alexander F. Yuan/AP/Press Association Images

Agricultural Bank of China New York raised $1.25bn from a dual-tranche offering on Monday, hitting the market early given expectations of more supply over the week. The issuer sealed a bigger floating rate note as it provides protection against volatility induced by the Federal Reserve, but executed the trade in an unusual manner.

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