CMB battles difficult market for dual tranche trade

By Morgan Davis
23 Sep 2020

China Merchants Bank raised $700m from a dual-tranche transaction on Tuesday, marketed by two different overseas branches with two different structures. But the issuer ran into negative market sentiment that dented appetite for the deal.

The bank sold a $400m three year floating rate note through its Singapore branch, and a $300m three year sustainability bond through its Luxembourg branch. The latter portion was China Merchant’s first sustainability bond, and the first sustainability bond to be listed in Luxembourg by a Chinese financial ...

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