GC
Test for Basel III tier ones as CCBI launches region’s first
China Citic Bank International kicked off Asia’s first US dollar Basel III-compliant tier one issue on Thursday. While a discretionary write-down trigger makes the notes more investor friendly than tier ones from other jurisdictions, some investors are cautious about macro risks affecting the credit. Others expected a larger spread, writes Isabella Zhong.
Joint global co-ordinators Citi, HSBC and RBS announced initial price guidance for the perpetual non call five notes, which have been capped at $300m, at the 7.75% area. If the bond is not called in year five, the coupon resets to the prevailing five year Treasury rate plus
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