Zhongyuan Bank AT1 tumbles in secondary

falling money
By Addison Gong
14 Nov 2018

The first dollar additional tier one (AT1) deal from a Chinese city commercial bank in almost a year struggled to find its feet in the secondary market on Wednesday.

Bookbuilding for Zhongyuan Bank’s new perpetual non-call five year notes started from the 5.5%-6% area on Tuesday morning. The Zhengzhou, Henan-based issuer had previously said in stock exchange filings that it was looking to raise Rmb10bn from the outing, or the dollar equivalent of about $1.44bn.

In the end, ...

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