Chong Hing innovates Asian bank capital with $225m LT2
Chong Hing Bank raised $225m last week from a lower tier two deal that featured a "regulatory switch". It was the first Asian bond to use the bank capital-to-senior debt structure adopted by Crédit Agricole in the middle of October.
The Hong Kong lender sold a subordinated bond that turns into a senior issue and pays a smaller coupon if it loses all of its capital credit. Investors swamped the deal, leaving the order book more than six times covered.Goldman Sachs, HSBC and UBS priced ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com