Two lower tier-2 issues get away despite volatile markets

Fubon Bank (Hong Kong) and ICBC (Asia) raise a combined $700 million, while Vinacomin pulls its $500 million offering.

The Hong Kong branch of Taiwan's Fubon Bank and Industrial and Commercial Bank of China Asia both hit the market with subordinated lower tier-2, 10-year issues on Monday night.

Fubon Bank Hong Kong raised $200 million and became the fifth issuer globally to print a bond with a regulatory switch since Credit Agricole priced the first bond using that structure in mid-October. Meanwhile, ICBC Asia decided to opt for a $500 million 10-year bullet issue with no regulatory call...

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