ICBC’s tier two fails to silence pricing debate

By Frances J. Yoon
11 Oct 2013

Once the dust had settled on last Thursday's Basel III-compliant tier two bond in dollars from Industrial and Commercial Bank of China (Asia) — the first in the region — the deal came in for mixed reviews as the bonds widened through the week.

Even though the leads had tiptoed into the process by gathering investor ideas on pricing a day before the 10 year non call five tier two launched, pricing was complicated by varying views on how much a non-viability trigger would cost.

One Hong Kong-based investor told EuroWeek Asia ...

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