Bank of East Asia prices debut international sub debt issue

The bank has become the region''s first to use subordinated debt as an acquisition currency, upsizing its dollar-denominated issue on pricing in New York last night (Monday).

While the Development Bank of Singapore DBS has twice used subordinated debt to re-balance its capital base, Bank of East Asia's BoEA's $550 million deal marks the first time an Asian bank has used such a structure to re-finance capital depleted through an acquisition, in this case First Pacific Bank FPB.

The successful completion of the 10 non-call, five lower tier 2 deal means that the bank has been able to boost capital adequacy...

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