Bocom returns with dual currency bond

China's fifth largest lender taps the dollar and euro-denominated bond markets with a more attractive new issue premium than its last foray in July.

Bank of Communications Bocom was back in the debt markets on Tuesday executing a new senior deal less than one month after raising $2.45 billion to comply with Basel III regulations.

China’s fifth largest lender by assets attracted a respectable order book of $2.2 billion for a $385 million five-year fixed rate deal and 100 million three-year floating rate note.

Nearly all of the order book was skewed towards the dollar tranche since the euro was only added to meet reverse enquiry demand from Chinese banks.

“They’re eager to buy euro-denominated paper because they want to reduce their exposure to US dollar based assets,”...

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