ICBC’s Macau branch raised a $320 million 10-year Basel II-compliant or old-style note on Wednesday, given the fact that the special administrative region has not implemented the new Basel III rules yet.
The Chinese bank’s latest Reg-S offering, which is callable in year five, garnered interest from quality investors that were interested in holding the old-style as the structure does not come with the point of non-viability PONV clause a trigger where investors...