Bank of East Asia prices debut international sub debt issue

The bank has become the region''s first to use subordinated debt as an acquisition currency, upsizing its dollar-denominated issue on pricing in New York last night (Monday).

While the Development Bank of Singapore (DBS) has twice used subordinated debt to re-balance its capital base, Bank of East Asia's (BoEA's) $550 million deal marks the first time an Asian bank has used such a structure to re-finance capital depleted through an acquisition, in this case First Pacific Bank (FPB).

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