Bank of East Asia seals $650m AT1 issue

BEA tier-1 capital bond saves bank from a deteriorating capital base built on outdated standards.

Bank of East Asia seals $650m AT1 issue

Bank of East Asia raised a $650 million perpetual, non-call 5-year AT1 bond on Wednesday, priced at 5.5%, with Citi and UBS acting as joint bookrunners on the deal.

The Ba2 rated, Basel III-compliant transaction helps the Hong Kong bank to shore up its capital base with additional tier-1 capital.

BEA issued a $500 million hybrid tier-1 capital back in 2009 but as the issuance was made...

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