Asia sees first dollar Basel II bond since 2013

ICBC Macau prices a rare $320 million old-style bank capital note as the special administrative region has not adhered to the new Basel III framework yet.

Asia sees first dollar Basel II bond since 2013

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...

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