SDB proves China's bond markets remain open

Shenzhen Development Bank raises the equivalent of $923 million in the country's second largest sub-debt deal.

Shenzhen Development Bank has raised a total of Rmb6.5 billion $923 million in lower tier-2 fixed- and floating-rate bonds through sole lead manager UBS Securities, demonstrating again the vibrancy of domestic Asian markets.

The 10-year non-call-five transaction marks UBS SecuritiesÆ inaugural renminbi-denominated bond deal since it established operations in China last year. In 2006 UBS won initial approval to invest $200 million in state-owned Beijing Securities in return for a 20% stake and de facto management control of its day-to-day...

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