Bank of China Hong Kong sold $2 billion through a multi-tranche Reg S offering on Tuesday, the first Chinese lender to raise offshore funds since turbulence in Chinese financial markets and the Lunar New Year holiday kept the primary market largely shut.
Chinese banks' high demand for dollar-denominated assets at a time of renminbi weakness meant Bank of China could get away with pricing through its secondary curve and still retain a healthy order book, which closed around the $7 billion level.
Rated A1AA, the nation’s fourth largest lender by assets, priced three bonds via its Hong Kong branch.
A...
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