Bank of East Asia, Hong Kong largest independent bank, has announced a Reg S $400 million subordinated bond deal with Citigroup and Goldman Sachs appointed as bookrunners. The BBBBaa1 rated deal represents BoEA's first foray into the international debt market since January 2001 when the bank similarly raised a $550 million from a 10-year non call 5-year issue that priced to yield at 7.622% or 187.5bp over Libor.
Proceeds will be used to refinance the call option on the previous deal. The new deal also has a 10-year non call five-year structure, with a 50bp step up if it is not called.
The brisk...
