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