Chong Hing innovates Asian bank capital with $225m LT2

04 Nov 2010

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 ...

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