ABC pushes bonds to tight levels

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By Morgan Davis
24 Feb 2021

Agricultural Bank of China (ABC) took a three-pronged approach to its deal on Tuesday, raising nearly $1bn across two dollar bonds and one Hong Kong dollar tranche. The bank was able to squeeze the spread on its notes to new lows, riding on the strong secondary market performance of deals from the big Chinese banks.

A1/A/A rated ABC sold the dollar bonds through its Singapore branch and the Hong Kong dollar denominated notes through its Macau branch. The Reg S deal was split across a $300m three year bond, a $300m five year note and a HK$3bn ($386.9m) two year bond.

The deal ...

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