CCB sells 2015's first Chinese tier-2 bond

China’s second largest bank prices a $2b tier-2 bond, the nation’s first Basel III-compliant note in six months.

China Construction Bank sold mainland China’s first global bank capital offering since November on Wednesday evening in Asia, a $2 billion 10-year tier-2 bond callable in year five. 

Rated BBB by both Standard Poor’s and Fitch, the Basel III-compliant note priced at US Treasuries plus 242.5 basis points, which is 12.5bp tighter than its initial price guidance area, according to a term sheet seen by FinanceAsia.

The debt sale follows CCB’s investment roadshow, which began on April 29 in Hong Kong, Singapore and London. Order books were in excess of $7 billion from over 250 accounts, said a source...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222