CCB sells 2015's first Chinese tier-2 bond

China’s second largest bank prices a $2b tier-2 bond, the nation’s first Basel III-compliant note in six months.

CCB sells 2015's first Chinese tier-2 bond

China Construction Bank sold mainland China’s first global bank capital offering since November on Wednesday evening in Asia, a $2 billion 10-year tier-2 bond callable in year five. 

Rated BBB by both Standard Poor’s and Fitch, the Basel III-compliant note priced at US Treasuries plus 242.5 basis points, which is 12.5bp tighter than its initial price guidance area, according to a term sheet seen by FinanceAsia.

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