ANZ has issued the first ever Basel III-compliant renminbi bond from a foreign company, reinforcing Hong Kong as the premier offshore hub as mainland China comes off a difficult week.
The Australian bank’s Rmb2.5 billion $400 million tier-2 subordinated note in Hong Kong a 10-year non-call five tier-2 bond at a yield of 4.75% sets the stage for more such Basel III instruments.
It was priced late on Wednesday night, in a week when China announced a 24-year low growth rate of 7.4% and the Shanghai Composite index dropped 7.7%.
Shanghai’s share plunge was triggered by a tightening in the regulations governing margin...
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