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A Basel III landmark was notched up this week as Bank of Communications (BoCom) became the first Chinese bank to issue without the use of an overseas entity. But despite the pioneering nature of the tier two deal, the market’s focus remains firmly on upcoming additional tier one (AT1) issuance, with some investors staying clear of BoCom in preparation for the higher yielding deals, writes Rev Hui. -
Hana Bank brought to market what is only the second ever dollar denominated new-style bank capital deal from South Korea on Thursday, September 25. The bank is offering a RegS/144A 10 year bullet tier two issue.
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Hong Kong’s Chong Hing Bank managed to navigate a tight issuance window in the week of September 15 to tap the market with what is only the second US dollar denominated AT1 trade from an Asian lender. The $300m perpetual non call five transaction proved to be such a hit with investors that books ended up more than 16x covered, which allowed the lender to shave 25bp off the pricing of its closest comparable.
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Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) premium is up for debate, bankers away from the deal said that the deal looked to have been priced fairly.
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Dutch insurer ASR Nederland on Wednesday became the first issuer to sell sub debt this week. The issuer suffered from lacklustre demand for a perpetual non-call 10 deal, which some syndicate bankers attributed to the glut of debt issued by Dutch rivals already this year.
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Bank of Communications (BoCom) opened books to a US dollars and euro denominated tier two bond on September 24. If successful, BoCom will become the first Chinese lender to issue an offshore Basel III-compliant tier two instrument without the use of an overseas entity.
