Bank of China prefs pull in whopping $21.8bn orders
Bank of China’s inaugural additional tier one (AT1) smashed records on Wednesday as the $6.5bn deal became the largest bank capital bond in the global market. But a lack of transparency left $4bn of allocations unaccounted for and drew criticism from bankers on the deal, write Virginia Furness and Rev Hui.
While BoC’s transaction was an indisputable success in terms of hitting the bank’s enormous Basel III compliant AT1 capital raising target, the execution of the deal presented something of a clash of cultures.Though an offshore transaction, it was executed more in the ...
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