Retail bid helps BEA to $500m debut tier one hit

29 Oct 2009

Asia’s retail investors flocked to Hong Kong’s first hybrid tier one bond on Thursday as Bank of East Asia reopened the region’s bank capital market after a break of over a year.

BEA priced $500m of stapled securities that combine subordinated notes with preference shares in a perpetual non-call 10 structure designed to qualify as hybrid tier one capital.

The deal came at the tight end of revised price guidance to yield 8.5%, below an initial price range set on Wednesday ...

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