BNI launches sub debt deal
Roadshows began in Hong Kong yesterday (Thursday) for a $75 million to $100 million lower tier 2 transaction.
October 31, 2002
An increased $150 million lower tier 2 transaction was completed at Asia's close on Friday by lead managers JPMorgan and BNI Sekuritas. The 10 non-call five transaction was priced at 99.041% on a coupon of 10% to yield 10.25% or 740bp over Treasuries. Should the transaction fail to be called at year-five, the spread steps up to 1,100bp. Fees total 1%.
