BEA reopens bank capital market for Asia
Bank of East Asia (BEA) sold the first Basel III compliant tier two dollar bond in Asia since the global outbreak of Covid-19. It raised $600m on the back of a book that was more than 8.5 times oversubscribed at its peak.
The Asian bank capital market started 2020 on a positive note. Bank Tabungan Negara sold the first subordinated Basel III-compliant bank capital deal from an Indonesian issuer in January, for instance. The $300m tier two bond was popular in both the primary and secondary market, trading 20bp