March sell-off in Chinese AT1 bonds raises concerns

By Addison Gong
09 Apr 2018

China’s Harbin Bank Co, which has been eyeing the offshore market for additional tier one capital for more than a year, has asked its shareholders for another year to complete the issuance. Its announcement comes as such bonds from the country’s lenders are taking a battering in the secondary market.

The bank said in a Hong Kong Stock Exchange filing on Friday, April 6, that it is seeking shareholders’ approval to extend the validity period of its planned up to Rmb8bn ($1.2bn) offshore AT1 issuance by 12 months.

The transaction has been a while in the making. Harbin Bank’s ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial