Muted reaction to BoCom’s euro tier two

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By Virginia Furness
30 Sep 2014

China’s Bank of Communications (BoCom) has followed its landmark offshore tier two bond with another €500m ($634m) offering a day later, on September 25. But the euro denominated transaction proved to be less popular than its dollar counterpart.

BoCom wrapped up a $1.2bn 4.5% 10 year non call five bond on September 24, and by doing so became the first Chinese bank to issue Basel III debt without the use of an offshore subsidiary.

The trade had originally been expected to come in two tranches ...

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